Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 14, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 1-07094 | ||
Entity Registrant Name | EASTGROUP PROPERTIES, INC. | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 13-2711135 | ||
Entity Address, Address Line One | 400 W Parkway Place | ||
Entity Address, Address Line Two | Suite 100 | ||
Entity Address, Postal Zip Code | 39157 | ||
City Area Code | 601 | ||
Local Phone Number | 354-3555 | ||
Title of 12(b) Security | Common stock, $0.0001 par value per share | ||
Trading Symbol | EGP | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Public Float | $ 6,624,688,557 | ||
Entity Common Stock, Shares Outstanding | 43,554,350 | ||
Documents Incorporated by Reference | Portions of the Registrant’s Proxy Statement relating to its 2023 Annual Meeting of Stockholders are incorporated by reference into Part III. The Registrant intends to file such Proxy Statement with the Securities and Exchange Commission not later than 120 days after the end of the fiscal year ended December 31, 2022. | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000049600 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Address, City or Town | Ridgeland, | ||
Entity Address, State or Province | MS |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Auditor [Line Items] | |
Auditor Name | KPMG LLP |
Auditor Location | Jackson, MS |
Auditor Firm ID | 185 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | |
ASSETS | |||
Real estate properties | $ 4,395,972,000 | $ 3,546,711,000 | |
Development and value-add properties | [1] | 538,449,000 | 504,614,000 |
Total real estate properties acquired | 4,934,421,000 | 4,051,325,000 | |
Less accumulated depreciation | (1,150,814,000) | (1,035,617,000) | |
Real estate, net | 3,783,607,000 | 3,015,708,000 | |
Real estate assets held for sale | 0 | 5,695,000 | |
Unconsolidated investment | 7,230,000 | 7,320,000 | |
Cash | 56,000 | 4,393,000 | |
Other assets | 244,944,000 | 182,220,000 | |
TOTAL ASSETS | 4,035,837,000 | 3,215,336,000 | |
LIABILITIES | |||
Unsecured bank credit facilities, net of debt issuance costs | 168,454,000 | 207,066,000 | |
Unsecured debt, net of debt issuance costs | 1,691,259,000 | 1,242,570,000 | |
Secured debt, net of debt issuance costs | 2,031,000 | 2,142,000 | |
Accounts payable and accrued expenses | 136,988,000 | 109,760,000 | |
Other liabilities | 83,666,000 | 82,338,000 | |
Total Liabilities | 2,082,398,000 | 1,643,876,000 | |
Stockholders’ Equity: | |||
Common shares; $.0001 par value; 70,000,000 shares authorized; 43,575,539 shares issued and outstanding at December 31, 2022 and 41,268,846 at December 31, 2021 | 4,000 | 4,000 | |
Excess shares; $0.0001 par value; 30,000,000 shares authorized; zero shares issued | 0 | 0 | |
Additional paid-in capital | 2,251,521,000 | 1,886,820,000 | |
Distributions in excess of earnings | (334,898,000) | (318,056,000) | |
Accumulated Other Comprehensive Income | 36,371,000 | 1,302,000 | |
Total Stockholders’ Equity | 1,952,998,000 | 1,570,070,000 | |
Noncontrolling interest in joint ventures | 441,000 | 1,390,000 | |
Total Equity | 1,953,439,000 | 1,571,460,000 | |
TOTAL LIABILITIES AND EQUITY | $ 4,035,837,000 | $ 3,215,336,000 | |
Common shares, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | |
Common shares, authorized | 70,000,000 | 70,000,000 | |
Common shares, issued | 43,575,539 | 41,268,846 | |
Common shares, outstanding | 43,575,539 | 41,268,846 | |
Excess shares, par value | $ 0.0001 | $ 0.0001 | |
Excess shares, authorized | 30,000,000 | 30,000,000 | |
Excess shares, issued | 0 | 0 | |
[1]Value-add properties are defined as properties that are either acquired but not stabilized or can be converted to a higher and better use. Acquired properties meeting either of the following two conditions are considered value-add properties: (1) Less than 75% occupied as of the acquisition date (or will be less than 75% occupied within one year of acquisition date based on near term lease roll), or (2) 20% or greater of the acquisition cost will be spent to redevelop the property. |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
REVENUES | |||
Income from real estate operations | $ 486,817 | $ 409,412 | $ 362,669 |
Other revenue | 208 | 63 | 354 |
Revenues | 487,025 | 409,475 | 363,023 |
EXPENSES | |||
Expenses from real estate operations | 133,915 | 115,078 | 103,368 |
Depreciation and amortization | 153,638 | 127,099 | 116,359 |
General and administrative | 16,362 | 15,704 | 14,404 |
Indirect leasing costs | 546 | 700 | 661 |
Expenses | 304,461 | 258,581 | 234,792 |
OTHER INCOME (EXPENSE) | |||
Interest expense | (38,499) | (32,945) | (33,927) |
Gain on sales of real estate investments | 40,999 | 38,859 | 13,145 |
Other | 1,210 | 830 | 942 |
NET INCOME | 186,274 | 157,638 | 108,391 |
Net income attributable to noncontrolling interest in joint ventures | (92) | (81) | (28) |
NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | 186,182 | 157,557 | 108,363 |
Other comprehensive income (loss) – interest rate swaps | 35,069 | 12,054 | (13,559) |
TOTAL COMPREHENSIVE INCOME | $ 221,251 | $ 169,611 | $ 94,804 |
BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | |||
Net income attributable to common stockholders | $ 4.37 | $ 3.91 | $ 2.77 |
Weighted average shares outstanding | 42,599 | 40,255 | 39,185 |
DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | |||
Net income attributable to common stockholders | $ 4.36 | $ 3.90 | $ 2.76 |
Weighted average shares outstanding | 42,712 | 40,377 | 39,296 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Distributions In Excess Of Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest in Joint Ventures |
BALANCE at Dec. 31, 2019 | $ 1,202,329 | $ 4 | $ 1,514,055 | $ (316,302) | $ 2,807 | $ 1,765 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 108,391 | 0 | 0 | 108,363 | 0 | 28 |
Net unrealized change in fair value of interest rate swaps | (13,559) | 0 | 0 | 0 | (13,559) | 0 |
Common dividends declared - $3.08, $3.58, and $4.70 per share in 2020, 2021, and 2022 respectively | (121,728) | 0 | 0 | (121,728) | 0 | 0 |
Stock-based compensation, net of forfeitures | 8,502 | 0 | 8,502 | 0 | 0 | 0 |
Issuance of 709,924, 1,551,181, and 393,406 shares of common stock, common stock offering, net of expenses in 2020, 2021, and 2022 respectively | 92,663 | 0 | 92,663 | 0 | 0 | 0 |
Withheld 36,445, 30,252 and 34,251 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock in 2020, 2021, and 2022 respectively | (4,939) | 0 | (4,939) | 0 | 0 | 0 |
Contributions from noncontrolling interest | 20 | 0 | 0 | 0 | 0 | 20 |
Net distributions to noncontrolling interest | (115) | 0 | 0 | 0 | 0 | (115) |
Sale of noncontrolling interest in joint venture | (1,046) | 0 | (228) | 0 | 0 | (818) |
BALANCE at Dec. 31, 2020 | $ 1,270,518 | 4 | 1,610,053 | (329,667) | (10,752) | 880 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Common stock offerings (in shares) | 709,924 | |||||
Withheld Shares Of Common Stock To Satisfy Tax Withholding Obligations In Connection With Vesting Of Restricted Stock Shares | 36,445 | |||||
Common dividends declared - per share (in dollars per share) | $ 3.08 | |||||
Net income | $ 157,638 | 0 | 0 | 157,557 | 0 | 81 |
Net unrealized change in fair value of interest rate swaps | 12,054 | 0 | 0 | 0 | 12,054 | 0 |
Common dividends declared - $3.08, $3.58, and $4.70 per share in 2020, 2021, and 2022 respectively | (145,946) | 0 | 0 | (145,946) | 0 | 0 |
Stock-based compensation, net of forfeitures | 9,847 | 0 | 9,847 | 0 | 0 | 0 |
Issuance of 709,924, 1,551,181, and 393,406 shares of common stock, common stock offering, net of expenses in 2020, 2021, and 2022 respectively | 271,155 | 0 | 271,155 | 0 | 0 | 0 |
Withheld 36,445, 30,252 and 34,251 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock in 2020, 2021, and 2022 respectively | (4,240) | 0 | (4,240) | 0 | 0 | 0 |
Contributions from noncontrolling interest | 584 | 0 | 0 | 0 | 0 | 584 |
Net distributions to noncontrolling interest | (150) | 0 | 5 | 0 | 0 | (155) |
BALANCE at Dec. 31, 2021 | $ 1,571,460 | 4 | 1,886,820 | (318,056) | 1,302 | 1,390 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Common stock offerings (in shares) | 1,551,181 | |||||
Withheld Shares Of Common Stock To Satisfy Tax Withholding Obligations In Connection With Vesting Of Restricted Stock Shares | 30,252 | |||||
Common dividends declared - per share (in dollars per share) | $ 3.58 | |||||
Net income | $ 186,274 | 0 | 0 | 186,182 | 0 | 92 |
Net unrealized change in fair value of interest rate swaps | 35,069 | 0 | 0 | 0 | 35,069 | 0 |
Common dividends declared - $3.08, $3.58, and $4.70 per share in 2020, 2021, and 2022 respectively | (203,024) | 0 | 0 | (203,024) | 0 | 0 |
Stock-based compensation, net of forfeitures | 10,802 | 0 | 10,802 | 0 | 0 | 0 |
Issuance of 709,924, 1,551,181, and 393,406 shares of common stock, common stock offering, net of expenses in 2020, 2021, and 2022 respectively | 75,375 | 0 | 75,375 | 0 | 0 | 0 |
Issuance of 1,868,809 shares of common stock, net of expenses in the purchase of real estate | 303,682 | 0 | 303,682 | 0 | 0 | 0 |
Withheld 36,445, 30,252 and 34,251 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock in 2020, 2021, and 2022 respectively | (7,265) | 0 | (7,265) | 0 | 0 | 0 |
Withheld 770 shares of common stock to satisfy tax withholding obligations in connection with the issuance of common stock | (111) | 0 | (111) | 0 | 0 | 0 |
Net distributions to noncontrolling interest | (220) | 0 | 0 | 0 | 0 | (220) |
Purchase of noncontrolling interest in joint venture | (18,603) | 0 | (17,782) | 0 | 0 | (821) |
BALANCE at Dec. 31, 2022 | $ 1,953,439 | $ 4 | $ 2,251,521 | $ (334,898) | $ 36,371 | $ 441 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Common stock offerings (in shares) | 393,406 | |||||
Stock Issued During Period, Shares, Purchase of Assets | 1,868,809 | |||||
Withheld Shares Of Common Stock To Satisfy Tax Withholding Obligations In Connection With Vesting Of Restricted Stock Shares | 34,251 | |||||
Withheld shares of common stock to satisfy tax withholding obligations in connection with the issuance of common stock | 770 | |||||
Common dividends declared - per share (in dollars per share) | $ 4.70 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
OPERATING ACTIVITIES | |||
Net income | $ 186,274,000 | $ 157,638,000 | $ 108,391,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 153,638,000 | 127,099,000 | 116,359,000 |
Stock-based compensation expense | 8,292,000 | 7,511,000 | 6,579,000 |
Gain on sales of real estate investments | (40,999,000) | (38,859,000) | (13,145,000) |
Gain on casualties and involuntary conversion on real estate assets | 0 | 0 | (161,000) |
Changes in operating assets and liabilities: | |||
Accrued income and other assets | (9,291,000) | (11,572,000) | (4,615,000) |
Accounts payable, accrued expenses and prepaid rent | 17,176,000 | 13,298,000 | (18,851,000) |
Other | 1,411,000 | 1,377,000 | 1,728,000 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 316,501,000 | 256,492,000 | 196,285,000 |
INVESTING ACTIVITIES | |||
Development and value-add properties | (494,073,000) | (418,855,000) | (195,446,000) |
Purchases of real estate | (2,049,000) | (108,149,000) | (49,199,000) |
Real estate improvements | (40,851,000) | (36,665,000) | (33,131,000) |
Net proceeds from sales of real estate investments | 51,006,000 | 44,260,000 | 21,565,000 |
Leasing commissions | (37,272,000) | (33,301,000) | (17,516,000) |
Proceeds from casualties and involuntary conversion on real estate assets | 0 | 0 | 242,000 |
Repayments on mortgage loans receivable | 0 | 0 | 1,679,000 |
Changes in accrued development costs | 4,211,000 | 21,678,000 | (5,339,000) |
Changes in other assets and other liabilities | (2,120,000) | 1,769,000 | (11,111,000) |
NET CASH USED IN INVESTING ACTIVITIES | (521,148,000) | (529,263,000) | (288,256,000) |
FINANCING ACTIVITIES | |||
Proceeds from unsecured bank credit facilities | 942,173,000 | 625,520,000 | 625,387,000 |
Repayments on unsecured bank credit facilities | (981,383,000) | (541,310,000) | (613,097,000) |
Proceeds from unsecured debt | 525,000,000 | 175,000,000 | 275,000,000 |
Repayments on unsecured debt | (75,000,000) | (40,000,000) | (105,000,000) |
Repayments on secured debt | (60,096,000) | (76,920,000) | (54,306,000) |
Debt issuance costs | (2,067,000) | (2,678,000) | (1,090,000) |
Distributions paid to stockholders (not including dividends accrued) | (193,936,000) | (131,759,000) | (119,765,000) |
Proceeds from common stock offerings | 75,622,000 | 273,409,000 | 91,055,000 |
Common stock offering related costs | (247,000) | (312,000) | (334,000) |
Other | (29,756,000) | (3,807,000) | (6,082,000) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 200,310,000 | 277,143,000 | 91,768,000 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (4,337,000) | 4,372,000 | (203,000) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 4,393,000 | 21,000 | 224,000 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 56,000 | 4,393,000 | 21,000 |
SUPPLEMENTAL CASH FLOW INFORMATION | |||
Cash paid for interest, net of amount capitalized of $12,393, $9,028, and $9,651 for 2022, 2021, and 2020, respectively | 34,110,000 | 31,658,000 | 32,362,000 |
Capitalized interest | 12,393,000 | 9,028,000 | 9,651,000 |
Cash paid for operating lease liabilities | 1,793,000 | 1,707,000 | 1,476,000 |
Common stock issued in the purchase of real estate | 303,682,000 | 0 | 0 |
Debt assumed in the purchase of real estate | 60,000,000 | 0 | 0 |
NON-CASH OPERATING ACTIVITY | |||
Operating lease liabilities arising from obtaining right of use assets | $ 559,000 | $ 13,056,000 | $ 495,000 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES (a) Principles of Consolidation The consolidated financial statements include the accounts of EastGroup Properties, Inc. (“EastGroup” or “the Company”), its wholly owned subsidiaries and the investee of any joint ventures in which the Company has a controlling interest. As of December 31, 2020, EastGroup held a controlling interest in two joint venture arrangements, 6.5 acres of land in San Diego, known by the Company as the Miramar land, and 41.6 acres of land in San Diego, known by the Company as the Otay Mesa land. During the year ended December 31, 2021, EastGroup began construction of Speed Distribution Center, a 519,000 square foot building on the Otay Mesa land, which was completed and transferred to the Company's operating portfolio during the first quarter of 2022. As of December 31, 2021, EastGroup had a 95% controlling interest in the Miramar land and a 99% controlling interest in Speed Distribution Center. During the three months ended December 31, 2022, EastGroup acquired the 1% noncontrolling interest in Speed Distribution Center; the Company continues to control and now owns 100% of the property. As of December 31, 2022, EastGroup held a controlling interest in one joint venture arrangement, a 95% controlling interest in the Miramar land. The Company records 100% of the assets, liabilities, revenues and expenses of the properties held in joint ventures with the noncontrolling interests provided for in accordance with the joint venture agreements. The equity method of accounting is used for the Company’s 50% undivided tenant-in-common interest in Industry Distribution Center II. All significant intercompany transactions and accounts have been eliminated in consolidation. (b) Income Taxes EastGroup, a Maryland corporation, has qualified as a real estate investment trust (“REIT”) under Sections 856-860 of the Internal Revenue Code and intends to continue to qualify as such. To maintain its status as a REIT, the Company is required to, among other things, distribute at least 90% of its ordinary taxable income to its stockholders. If the Company has a capital gain, it has the option of (i) deferring recognition of the capital gain through a tax-deferred exchange, (ii) declaring and paying a capital gain dividend on any recognized net capital gain resulting in no corporate level tax, or (iii) retaining and paying corporate income tax on its net long-term capital gain, with the shareholders reporting their proportional share of the undistributed long-term capital gain and receiving a credit or refund of their share of the tax paid by the Company. The Company distributed all of its 2022, 2021 and 2020 taxable income to its stockholders. Accordingly, no significant provisions for income taxes were necessary. The Company’s income tax treatment of share distributions is based on its taxable income, calculated in accordance with the Internal Revenue Code, which differs from U.S. generally accepted accounting principles (“GAAP”). The following table summarizes the federal income tax treatment for all distributions by the Company for the years ended 2022, 2021 and 2020. Federal Income Tax Treatment of Share Distributions Years Ended December 31, 2022 2021 2020 Common Share Distributions: (Per share) Ordinary dividends $ 4.53746 3.61656 3.32868 Nondividend distributions — — — Unrecaptured Section 1250 capital gain — — — Other capital gain — — — Total Common Share Distributions $ 4.53746 3.61656 3.32868 EastGroup applies the principles of Financial Accounting Standards Board “FASB” Accounting Standards Codification “ASC” 740, Income Taxes, when evaluating and accounting for uncertainty in income taxes. With few exceptions, the Company’s 2018 and earlier tax years are closed for examination by U.S. federal, state and local tax authorities. In accordance with the provisions of ASC 740, the Company had no significant uncertain tax positions as of December 31, 2022 and 2021. (c) Income Recognition The Company’s primary revenue is rental income from business distribution space. Minimum rental income from real estate operations is recognized on a straight-line basis. The straight-line rent calculation on leases includes the effects of rent concessions and scheduled rent increases, and the calculated straight-line rent income is recognized over the lives of the individual leases. The Company maintains allowances for doubtful accounts receivable, including straight-line rents receivable, based upon estimates determined by management. Management specifically analyzes aged receivables, customer credit-worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. Reserves for uncollectible accounts are recorded as a reduction to revenue. Revenue is recognized on payments received from tenants for early terminations after all criteria have been met in accordance with ASC 842, Leases. The Company’s primary revenue is rental income; as such, the Company is a lessor on a significant number of leases. The Company applies the principles of ASC 842, Leases. Initial direct costs (primarily legal costs related to lease negotiations) are expensed rather than capitalized. EastGroup recorded Indirect leasing costs of $546,000, $700,000 and $661,000 on the Consolidated Statements of Income and Comprehensive Income during the years ended December 31, 2022, 2021 and 2020, respectively. As permitted by ASC 842, Leases , EastGroup made an accounting policy election by class of underlying asset to not separate non-lease components (such as common area maintenance) of a contract from the lease component to which they relate when specific criteria are met. The Company believes its leases meet the criteria. The table below presents the components of Income from real estate operations for the years ended December 31, 2022, 2021 and 2020: Years Ended December 31, 2022 2021 2020 (In thousands) Lease income — operating leases $ 364,957 306,658 271,094 Variable lease income (1) 121,860 102,754 91,575 Income from real estate operations $ 486,817 409,412 362,669 (1) Primarily includes tenant reimbursements for real estate taxes, insurance and common area maintenance. Future Minimum Rental Receipts Under Non-Cancelable Leases The Company’s leases with its customers may include various provisions such as scheduled rent increases, renewal options and termination options. The majority of the Company’s leases include defined rent increases rather than variable payments based on an index or unknown rate. In calculating the disclosures presented below, the Company included the fixed, non-cancelable terms of the leases. The following schedule indicates approximate future minimum rental receipts under non-cancelable leases for real estate properties by year as of December 31, 2022: Years Ending December 31, (In thousands) 2023 $ 390,062 2024 355,906 2025 300,660 2026 237,066 2027 159,994 Thereafter 383,192 Total minimum receipts $ 1,826,880 The Company recognizes gains on sales of real estate in accordance with the principles set forth in the Codification. For each transaction, the Company evaluates whether the guidance in ASC 606, Revenue from Contracts with Customers, or ASC 610, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets, is applicable. Upon closing of real estate transactions, the provisions of the Codification require consideration of whether the seller has a controlling financial interest in the entity that holds the nonfinancial asset after the transaction. In addition, the seller evaluates whether a contract exists under ASC 606 and whether the counterparty obtained control of each nonfinancial asset that is sold. If a contract exists and the counterparty obtained control of each nonfinancial asset, the seller derecognizes the assets at the close of the transaction with resulting gains or losses reflected on the Consolidated Statements of Income and Comprehensive Income. (d) Real Estate Properties EastGroup has one reportable segment – industrial properties, consistent with the Company’s manner of internal reporting, measurement of operating results and allocation of the Company’s resources. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows (including estimated future expenditures necessary to substantially complete the asset) expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset. During the years ended December 31, 2022, 2021 and 2020, the Company did not identify any impairment charges which should be recorded. Depreciation of buildings and other improvements is computed using the straight-line method over estimated useful lives of generally 40 years for buildings and 3 to 15 years for improvements. Building improvements are capitalized, while maintenance and repair expenses are charged to expense as incurred. Significant renovations and improvements that improve or extend the useful life of the assets are capitalized. Depreciation expense was $125,199,000, $104,910,000 and $96,290,000 for 2022, 2021 and 2020, respectively. (e) Development and Value-Add Properties For development and value-add properties (defined in Note 2) acquired in the development stage, costs associated with development (i.e., land, construction costs, interest expense, property taxes and other direct and indirect costs associated with development) are aggregated into the total capitalized costs of the property. Included in these costs are management’s estimates for the portions of internal costs (primarily personnel costs) deemed related to such development activities. The internal costs are allocated to specific development projects based on development activity. As the property becomes occupied, depreciation commences on the occupied portion of the building, and costs are capitalized only for the portion of the building that remains vacant. The Company transfers properties from the development and value-add program to Real estate properties as follows: (i) for development properties, at the earlier of 90% occupancy or one year after completion of the shell construction, and (ii) for value-add properties, at the earlier of 90% occupancy or one year after acquisition. Upon the earlier of 90% occupancy or one year after completion/value-add acquisition date of the shell construction, capitalization of development costs, including interest expense, property taxes and internal personnel costs, ceases and depreciation commences on the entire property (excluding the land). (f) Real Estate Held for Sale The Company considers a real estate property to be held for sale when it meets the criteria established under ASC 360, Property, Plant and Equipment, including when it is probable that the property will be sold within a year. Real estate properties held for sale are reported at the lower of the carrying amount or fair value less estimated costs to sell and are not depreciated while they are held for sale. The Company did not classify any properties as held for sale as of December 31, 2022. As of December 31, 2021, the Company owned one operating property that was classified as held for sale on the December 31, 2021 Consolidated Balance Sheet. As discussed in Note 2, the property was sold and a gain on the sale was recorded in the three months ended March 31, 2022. In accordance with ASC 360 and ASC 205, Presentation of Financial Statements, the Company would report a disposal of a component of an entity or a group of components of an entity in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the component or group of components meets the criteria to be classified as held for sale or when the component or group of components is disposed of by sale or other than by sale. In addition, the Company would provide additional disclosures about both discontinued operations and the disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation in the financial statements. EastGroup performs an analysis of properties sold to determine whether the sales qualify for discontinued operations presentation. (g) Derivative Instruments and Hedging Activities EastGroup applies ASC 815, Derivatives and Hedging , which requires all entities with derivative instruments to disclose information regarding how and why the entity uses derivative instruments and how derivative instruments and related hedged items affect the entity’s financial position, financial performance and cash flows. See Note 12 for a discussion of the Company’s derivative instruments and hedging activities. (h) Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. (i) Amortization Debt origination costs are deferred and amortized over the term of each loan using the effective interest method. Amortization of debt issuance costs was $1,358,000, $1,296,000 and $1,418,000 for 2022, 2021 and 2020, respectively. Amortization of facility fees was $713,000, $751,000 and $790,000 for 2022, 2021 and 2020, respectively. Leasing costs are deferred and amortized using the straight-line method over the term of the lease. Leasing costs amortization expense was $18,950,000, $16,209,000 and $14,449,000 for 2022, 2021 and 2020, respectively. Amortization expense for in-place lease intangibles is disclosed below in Real Estate Property Acquisitions and Acquired Intangibles . (j) Real Estate Property Acquisitions and Acquired Intangibles Upon acquisition of real estate properties, EastGroup applies the principles of ASC 805, Business Combinations. The FASB Codification provides a framework for determining whether transactions should be accounted for as acquisitions of assets or businesses. Under the guidance, companies are required to utilize an initial screening test to determine whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set is not a business. Criteria considered in grouping similar assets include geographic location, market and operational risks and the physical characteristics of the assets. EastGroup determined that its real estate property acquisitions in 2022, 2021 and 2020 are considered to be acquisitions of groups of similar identifiable assets; therefore, the acquisitions are not considered to be acquisitions of a business. As a result, the Company has capitalized acquisition costs related to its 2022, 2021 and 2020 acquisitions. The FASB Codification also provides guidance on how to properly determine the allocation of the purchase price among the individual components of both the tangible and intangible assets based on their relative fair values. The allocation to tangible assets (land, building and improvements) is based upon management’s determination of the value of the property as if it were vacant using discounted cash flow models. Land is valued using comparable land sales specific to the applicable market, provided by a third-party. The Company determines whether any financing assumed is above or below market based upon comparison to similar financing terms for similar properties. The cost of the properties acquired may be adjusted based on indebtedness assumed from the seller that is determined to be above or below market rates. The purchase price is also allocated among the following categories of intangible assets: the above or below market component of in-place leases, the value of in-place leases, and the value of customer relationships. The value allocable to the above or below market component of an acquired in-place lease is determined based upon the present value (using a discount rate reflecting the risks associated with the acquired leases) of the difference between (i) the contractual amounts to be paid pursuant to the lease over its remaining term, and (ii) management’s estimate of the amounts that would be paid using current market rents over the remaining term of the lease. The amounts allocated to above and below market lease intangibles are included in Other assets and Other liabilities , respectively, on the Consolidated Balance Sheets and are amortized to rental income over the remaining terms of the respective leases. The total amount of intangible assets is further allocated to in-place lease values and customer relationship values based upon management’s assessment of their respective values. Factors considered by management in the allocation include an estimate of foregone rents and avoided leasing costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. These intangible assets are included in Other assets on the Consolidated Balance Sheets and are amortized over the remaining term of the existing lease, or the anticipated life of the customer relationship, as applicable. Amortization of above and below market lease intangibles increased rental income by $2,565,000, $1,048,000 and $1,451,000 in 2022, 2021 and 2020, respectively. Amortization expense for in-place lease intangibles was $9,489,000, $5,980,000 and $5,620,000 for 2022, 2021 and 2020, respectively. Projected amortization of in-place lease intangibles for the next five years as of December 31, 2022 is as follows: Years Ending December 31, (In thousands) 2023 $ 7,353 2024 5,561 2025 4,343 2026 2,482 2027 652 EastGroup acquired real estate properties during 2022, 2021 and 2020 as discussed in Note 2. The following table summarizes the allocation of the total consideration for the acquired assets and assumed liabilities in connection with the real estate property acquisitions during the years ended December 31, 2022, 2021 and 2020. Costs Incurred During the Years Ended December 31, ACQUIRED ASSETS AND ASSUMED LIABILITIES 2022 2021 2020 (In thousands) Land $ 127,402 42,554 23,565 Buildings and building improvements 335,335 225,645 42,024 Tenant and other improvements 11,502 4,907 7,971 Right of use assets — Ground leases (operating) — 12,708 — Total real estate properties acquired 474,239 285,814 73,560 In-place lease intangibles (1) 11,871 9,949 3,257 Above market lease intangibles (1) — 6 104 Below market lease intangibles (2) (4,059) (3,836) (403) Operating lease liabilities — Ground leases (3) — (12,708) — Total assets acquired, net of liabilities assumed $ 482,051 279,225 76,518 (1) In-place lease intangibles and above market lease intangibles are each included in Other assets on the Consolidated Balance Sheets. These costs are amortized over the remaining lives of the associated leases in place at the time of acquisition. (2) Below market lease intangibles are included in Other liabilities on the Consolidated Balance Sheets. These costs are amortized over the remaining lives of the associated leases in place at the time of acquisition. (3) Operating lease liabilities - Ground leases are included in Other liabilities on the Consolidated Balance Sheets. The leases in the properties acquired during 2022, 2021 and 2020 had a weighted average remaining lease term at acquisition of approximately 3.9 years, 2.9 years, and 3.9 years, respectively. The Company periodically reviews the recoverability of goodwill (at least annually) and the recoverability of other intangibles (on a quarterly basis) for possible impairment. No impairment of goodwill and other intangibles existed during the years ended December 31, 2022, 2021 and 2020. (k) Stock-Based Compensation EastGroup applies the provisions of ASC 718, Compensation – Stock Compensation , to account for its stock-based compensation plans. ASC 718 requires that the compensation cost relating to share-based payment transactions be recognized in the financial statements and that the cost be measured on the fair value of the equity or liability instruments issued. The cost for market-based awards and awards that only require service are expensed on a straight-line basis over the requisite service periods. The cost for performance-based awards is determined using the graded vesting attribution method which recognizes each separate vesting portion of the award as a separate award on a straight-line basis over the requisite service period. This method accelerates the expensing of the award compared to the straight-line method. For awards with a performance condition, compensation expense is recognized when the performance condition is considered probable of achievement. The total compensation expense for service and performance based awards is based upon the fair market value of the shares on the grant date. The grant date fair value for awards that have been granted and are subject to a future market condition (total shareholder return) are determined using a Monte Carlo simulation pricing model developed to specifically accommodate the unique features of the awards. During the restricted period for awards no longer subject to contingencies, the Company accrues dividends and holds the certificates for the shares; however, the employee can vote the shares. Share certificates and dividends are delivered to the employee as they vest. Forfeitures of awards are recognized as they occur. (l) Earnings Per Share The Company applies ASC 260, Earnings Per Share , which requires companies to present basic and diluted earnings per share (“EPS”). Basic EPS represents the amount of earnings for the period attributable to each share of common stock outstanding during the reporting period. The Company’s basic EPS is calculated by dividing Net Income Attributable to EastGroup Properties, Inc. Common Stockholders by the weighted average number of common shares outstanding. The weighted average number of common shares outstanding does not include any potentially dilutive securities or any unvested restricted shares of common stock. These unvested restricted shares, although classified as issued and outstanding, are considered forfeitable until the restrictions lapse and will not be included in the basic EPS calculation until the shares are vested. Diluted EPS represents the amount of earnings for the period attributable to each share of common stock outstanding during the reporting period and to each share that would have been outstanding assuming the issuance of common shares for all dilutive potential common shares outstanding during the reporting period. The Company calculates diluted EPS by dividing Net Income Attributable to EastGroup Properties, Inc. Common Stockholders by the weighted average number of common shares outstanding plus the dilutive effect of unvested restricted stock. The dilutive effect of unvested restricted stock is determined using the treasury stock method. (m) Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses during the reporting period and to disclose material contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. (n) Risks and Uncertainties The state of the overall economy can significantly impact the Company’s operational performance and thus impact its financial position. Should EastGroup experience a significant decline in operational performance, it may affect the Company’s ability to make distributions to its shareholders, service debt or meet other financial obligations. (o) Recent Accounting Pronouncements EastGroup has evaluated all FASB Accounting Standards Updates ( “ASU” ) recently released by the FASB through the date the financial statements were issued and determined that the following ASUs apply to the Company. ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , applies to the Company. Also, in December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”) which was issued to defer the sunset date of Topic 848 to December 31, 2024. ASU 2022-06 is effective immediately for all companies. ASU 2022-06 had no impact on the Company’s consolidated financial statements for the year ended December 31, 2022. See Note 12 for further evaluation of these ASUs. (p) Classification of Book Overdraft on Consolidated Statements of Cash Flows The Company classifies changes in book overdraft in which the bank has not advanced cash to the Company to cover outstanding checks as an operating activity. Such amounts are included in Accounts payable, accrued expenses and prepaid rent in the Operating Activities section on the Consolidated Statements of Cash Flows. (q) Reclassifications Certain reclassifications have been made in the 2021 and 2020 consolidated financial statements to conform to the 2022 presentation. |
REAL ESTATE PROPERTIES
REAL ESTATE PROPERTIES | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
REAL ESTATE PROPERTIES | REAL ESTATE PROPERTIES AND DEVELOPMENT AND VALUE-ADD PROPERTIES The Company’s Real estate properties and Development and value-add properties at December 31, 2022 and 2021 were as follows: December 31, 2022 2021 (In thousands) Real estate properties: Land $ 730,445 544,505 Buildings and building improvements 3,012,319 2,408,944 Tenant and other improvements 633,817 570,627 Right of use assets — Ground leases (operating) (1) 19,391 22,635 Development and value-add properties (2) 538,449 504,614 4,934,421 4,051,325 Less accumulated depreciation (1,150,814) (1,035,617) $ 3,783,607 3,015,708 (1) See Ground Leases discussion below for information regarding the Company’s right of use assets for ground leases. (2) Value-add properties are defined as properties that are either acquired but not stabilized or can be converted to a higher and better use. Acquired properties meeting either of the following two conditions are considered value-add properties: (1) Less than 75% occupied as of the acquisition date (or will be less than 75% occupied within one year of acquisition date based on near term lease roll), or (2) 20% or greater of the acquisition cost will be spent to redevelop the property. A summary of real estate properties acquired for the years ended December 31, 2022, 2021 and 2020 follows: REAL ESTATE PROPERTIES ACQUIRED Location Size Date Acquired Cost (1) (Square feet) (In thousands) 2022 OPERATING PROPERTIES ACQUIRED (2) Cebrian Distribution Center and Reed Distribution Center (3) Sacramento, CA 329,000 06/01/2022 $ 49,726 6 th Street Business Center, Benicia Distribution Center 1-5, Ettie Business Center, Laura Alice Business Center, Preston Distribution Center, Sinclair Distribution Center, Transit Distribution Center and Whipple Business Center (3) San Francisco, CA 1,377,000 06/01/2022 309,404 Total operating property acquisitions 1,706,000 359,130 VALUE-ADD PROPERTIES ACQUIRED (4) Cypress Preserve 1 & 2 Houston, TX 516,000 03/28/2022 54,462 Zephyr Distribution Center San Francisco, CA 82,000 04/08/2022 29,017 Mesa Gateway Commerce Center Phoenix, AZ 147,000 04/15/2022 18,315 Access Point 3 Greenville, SC 299,000 07/12/2022 21,127 Total value-add property acquisitions 1,044,000 122,921 Total acquired assets in 2022 (5) 2,750,000 $ 482,051 2021 OPERATING PROPERTIES ACQUIRED (2) Southpark Distribution Center 2 Phoenix, AZ 79,000 06/10/2021 $ 9,177 DFW Global Logistics Centre Dallas, TX 611,000 08/26/2021 89,829 Progress Center 3 Atlanta, GA 50,000 09/23/2021 5,000 Texas Avenue Austin, TX 20,000 10/15/2021 4,143 Total operating property acquisitions 760,000 108,149 VALUE-ADD PROPERTIES ACQUIRED (4) Access Point 1 Greenville, SC 156,000 01/15/2021 10,501 Northpoint 200 Atlanta, GA 79,000 01/21/2021 6,516 Access Point 2 Greenville, SC 159,000 05/19/2021 10,743 Cherokee 75 Business Center 2 Atlanta, GA 105,000 06/17/2021 8,837 Siempre Viva Distribution Center 3-6 San Diego, CA 547,000 12/01/2021 134,479 Total value-add property acquisitions 1,046,000 171,076 Total acquired assets in 2021 (5) 1,806,000 $ 279,225 2020 OPERATING PROPERTIES ACQUIRED (2) Wells Point One Austin, TX 50,000 02/28/2020 $ 6,231 Cherokee 75 Business Center 1 Atlanta, GA 85,000 12/15/2020 8,323 The Rock at Star Business Park Dallas, TX 212,000 12/17/2020 34,102 Total operating property acquisitions 347,000 48,656 VALUE-ADD PROPERTIES ACQUIRED (4) Rancho Distribution Center Los Angeles, CA 162,000 10/15/2020 27,862 Total acquired assets in 2020 (5) 509,000 $ 76,518 (1) Cost is calculated in accordance with FASB ASC 805, Business Combinations, and represents the sum of the purchase price, closing costs and capitalized acquisition costs. (2) Operating properties are defined as stabilized real estate properties (land including buildings and improvements) in the Company’s operating portfolio; included in Real estate properties on the Consolidated Balance Sheets. (3) The Company acquired these operating properties along with two land parcels, also in Sacramento, CA and San Francisco, CA, in connection with its acquisition of Tulloch Corporation in June 2022. Size and cost are presented on an aggregate basis for the properties located in Sacramento, CA and San Francisco, CA, respectively. In consideration for this acquisition, the Company assumed a $60,000,000 loan and issued 1,868,809 shares of the Company’s common stock. The acquisition date fair value of the loan assumed was $60,000,000, and the acquisition date fair value of the common shares, which was based on the closing share price on the acquisition date, was $303,756,000. (4) Value-add properties are defined in Note 2. (5) Excludes acquired development land as detailed below. Also during 2022, EastGroup purchased 456.3 acres of development land in 10 cities for $123,717,000. The land acquisitions in San Francisco and Sacramento were acquired in connection with the Company's acquisition of Tulloch Corporation in June 2022. Also in the three months ended December 31, 2022, the Company acquired the 1% noncontrolling partnership interest in Speed Distribution Center in San Diego for $18,599,000. EastGroup continues to control and now owns 100% of the property. Sales of Real Estate The Company sold operating properties during 2022, 2021 and 2020 as shown in the table below. The results of operations and gains and losses on sales for the properties sold during the periods presented are reported in continuing operations on the Consolidated Statements of Income and Comprehensive Income. The gains and losses on sales are included in Gain on sales of real estate investments. The Company did not consider its sales in 2022, 2021 or 2020 to be disposals of a component of an entity or a group of components of an entity representing a strategic shift that has (or will have) a major effect on the entity’s operations and financial results. A summary of Gain on sales of real estate investments for the years ended December 31, 2022, 2021 and 2020 follows: Real Estate Properties Location Size (Square Feet) Date Sold Net Sales Price Basis Recognized Gain (In thousands) 2022 Metro Business Park Phoenix, AZ 189,000 01/06/2022 $ 32,851 5,880 26,971 Cypress Creek Business Park (1) Fort Lauderdale, FL 56,000 03/31/2022 5,282 1,901 3,381 World Houston 15 East Houston, TX 42,000 05/11/2022 12,873 2,226 10,647 Total for 2022 $ 51,006 10,007 40,999 2021 Jetport Commerce Park Tampa, FL 284,000 11/09/2021 $ 44,260 5,401 38,859 2020 University Business Center 120 (2) Santa Barbara, CA 46,000 12/01/2020 $ 10,342 4,007 6,335 Central Green Houston, TX 80,000 12/23/2020 10,168 3,358 6,810 Total for 2020 $ 20,510 7,365 13,145 (1) Cypress Creek Business Park is located on a ground lease. In conjunction with the sale of the property, the Company fully amortized the associated right-of-use asset and liability of $1,745,000. (2) EastGroup owned 80% of University Business Center 120 through a joint venture partnership. EastGroup sold its 80% share of the joint venture, and the partnership was dissolved. The information shown for this transaction represents EastGroup’s 80% ownership. The table above includes sales of operating properties. During 2022, 2021 and 2020, there were no land sales. Development and Value-Add Properties The Company’s development and value-add program as of December 31, 2022, was comprised of the properties detailed in the table below. Costs incurred include capitalization of interest costs during the period of construction. The interest costs capitalized on development projects for 2022 were $12,393,000 compared to $9,028,000 for 2021 and $9,651,000 for 2020. In addition, EastGroup capitalized internal development costs of $9,985,000 during the year ended December 31, 2022, compared to $7,713,000 during 2021 and $6,689,000 in 2020. Total capital invested for development and value-add properties during 2022 was $494,073,000, which primarily consisted of costs of $384,541,000 as detailed in the Development and Value-Add Properties Activity table below, $110,623,000 as detailed in the Development and Value-Add Properties Transferred to the Real Estate Properties Portfolio During 2022 table below and costs of $10,989,000 on projects subsequent to transfer to Real estate properties . These costs were partially offset by development spending prepaid in prior periods. Additionally, the Company acquired development land in the acquisition of Tulloch Corporation through the issuance of shares of the Company's common stock and the assumption of certain indebtedness, which was immediately repaid. The capitalized costs incurred on development projects subsequent to transfer to Real estate properties include capital improvements at the properties and do not include other capitalized costs associated with development (i.e., interest expense, property taxes and internal personnel costs). The activity of the Company's Development and Value-Add Properties for the year ended December 31, 2022 follows: DEVELOPMENT AND Costs Incurred Anticipated Building Conversion Date Costs Transferred in 2022 (1) For the Cumulative Projected Total Costs (2) (In thousands) (Unaudited) (Unaudited) (Unaudited) LEASE-UP Building Size (Square feet) Cypress Preserve 1 & 2, Houston, TX (3) 516,000 $ — 54,081 54,081 57,800 03/23 Grand West Crossing 1, Houston, TX 121,000 — 4,168 13,037 15,700 04/23 Zephyr, San Francisco, CA (3) 82,000 — 29,028 29,028 29,800 04/23 Access Point 3, Greenville, SC (3) 299,000 — 22,632 22,632 25,400 07/23 McKinney 3 & 4, Dallas, TX 212,000 — 13,714 24,152 27,000 07/23 Grand Oaks 75 4, Tampa, FL 185,000 — 9,637 16,015 17,900 09/23 Total Lease-Up 1,415,000 — 133,260 158,945 173,600 UNDER CONSTRUCTION SunCoast 11, Fort Myers, FL 79,000 1,524 7,651 9,175 9,900 04/23 Arlington Tech 3, Fort Worth, TX 77,000 1,980 6,420 8,400 10,300 02/24 Gateway 2, Miami, FL 133,000 8,049 10,139 18,188 23,700 02/24 Hillside 1, Greenville, SC 122,000 632 8,846 9,478 11,600 02/24 I-20 West Business Center, Atlanta, GA 155,000 — 10,175 13,139 15,500 02/24 LakePort 4 & 5, Dallas, TX 177,000 — 10,767 18,705 24,000 02/24 Horizon West 1, Orlando, FL 97,000 3,730 5,839 9,569 13,200 03/24 Steele Creek 11 & 12, Charlotte, NC 241,000 2,857 13,923 16,780 25,900 04/24 Springwood 1 & 2, Houston, TX 292,000 6,741 16,232 22,973 33,300 05/24 Stonefield 35 1-3, Austin, TX 274,000 10,279 6,040 16,319 35,300 06/24 SunCoast 10, Fort Myers, FL 100,000 1,624 1,344 2,968 13,600 06/24 Basswood 3-5, Fort Worth, TX 351,000 7,476 886 8,362 45,000 08/24 McKinney 1 & 2, Dallas, TX 172,000 4,261 2,240 6,501 27,300 08/24 Cass White 1 & 2, Atlanta, GA 296,000 3,534 1,795 5,329 31,900 10/24 Total Under Construction 2,566,000 52,687 102,297 165,886 320,500 Total Lease-Up and Under Construction 3,981,000 52,687 235,557 324,831 494,100 PROSPECTIVE DEVELOPMENT (PRIMARILY LAND) Estimated Building Size (Square feet) Phoenix, AZ 655,000 — 15,395 15,395 Sacramento, CA 82,000 — 3,130 3,130 San Francisco, CA 65,000 — 3,561 3,561 Fort Myers, FL 364,000 (3,148) 2,693 7,843 Miami, FL 510,000 (8,049) 18,035 24,317 Orlando, FL 1,053,000 (9,906) 8,338 24,670 Tampa, FL 32,000 — — 825 Atlanta, GA 1,490,000 (3,534) 13,189 14,713 Jackson, MS 28,000 — — 706 Charlotte, NC 1,146,000 (2,857) 1,475 13,722 Greenville, SC 476,000 (632) 5,353 6,457 Austin, TX 1,557,000 (10,279) 50,699 46,851 Dallas, TX — (4,261) 457 4,594 Fort Worth, TX 313,000 (9,456) 1,376 7,247 Houston, TX 1,536,000 (11,247) 17,110 30,696 San Antonio, TX 423,000 — 8,173 8,891 Total Prospective Development 9,730,000 (63,369) 148,984 213,618 Total Development and Value-Add Properties 13,711,000 $ (10,682) 384,541 538,449 The Development and Value-Add Properties table is continued on the following page. DEVELOPMENT AND VALUE-ADD PROPERTIES TRANSFERRED TO THE REAL ESTATE PROPERTIES PORTFOLIO DURING 2022 Costs Incurred Costs Transferred in 2022 (1) For the Cumulative as of 12/31/22 (4) (Unaudited) (In thousands) (Unaudited) Building Size (Square feet) Building Conversion Date Access Point 1, Greenville, SC (3) 156,000 $ — 7 12,529 01/22 Speed Distribution Center, San Diego, CA 519,000 — 2,884 70,702 03/22 Access Point 2, Greenville, SC (3) 159,000 — 601 12,232 05/22 Grand Oaks 75 3, Tampa, FL 136,000 — 1,205 11,397 06/22 Siempre Viva 3-6, San Diego, CA (3) 547,000 — 595 133,283 06/22 Steele Creek 8, Charlotte, NC 72,000 — 5,142 7,870 07/22 CreekView 9 & 10, Dallas, TX 145,000 — 4,210 15,546 08/22 Gateway 3, Miami, FL 133,000 — 4,903 18,069 08/22 Ridgeview 3, San Antonio, TX 88,000 — 3,513 9,317 08/22 Americas Ten 2, El Paso, TX 169,000 — 5,254 14,354 09/22 Horizon West 2 & 3, Orlando, FL 210,000 — 1,597 18,787 09/22 Mesa Gateway, Phoenix, AZ (3) 147,000 — 18,696 18,696 11/22 World Houston 47, Houston, TX 139,000 4,506 12,517 17,023 11/22 45 Crossing, Austin, TX 177,000 — 7,998 25,058 12/22 Basswood 1 & 2, Fort Worth, TX 237,000 — 7,237 22,466 12/22 Horizon West 4, Orlando, FL 295,000 6,176 18,201 24,377 12/22 SunCoast 12, Fort Myers, FL 79,000 — 3,928 8,106 12/22 Tri-County Crossing 5, San Antonio, TX 106,000 — 5,544 11,144 12/22 Tri-County Crossing 6, San Antonio, TX 124,000 — 6,591 10,373 12/22 Total Transferred to Real Estate Properties 3,638,000 $ 10,682 110,623 461,329 (1) Represents costs transferred from Prospective Development (primarily land) to Under Construction during the period. Negative amounts represent land inventory costs transferred to Under Construction. (2) Included in these costs are development obligations of $134.8 million and tenant improvement obligations of $15.0 million on properties under development. (3) Represents value-add acquisitions. (4) Represents cumulative costs at the date of transfer. Ground Leases As of December 31, 2021, the Company operated two properties in Florida, four properties in Texas and one property in Arizona that are subject to ground leases. During the year ended December 31, 2022, EastGroup sold Cypress Business Park, which was located on a ground lease. In conjunction with the sale of the property, the lease was transferred to the buyer and the Company fully amortized the associated right-of-use asset and liability of $1,745,000. The remaining properties with ground leases have terms of 40 to 50 years, expiration dates of August 2031 to October 2058, and renewal options of 15 to 35 years, except for the one lease in Arizona which is automatically and perpetually renewed annually. The Company has included renewal options in the lease terms for calculating the ground lease assets and liabilities as the Company is reasonably certain it will exercise these options. Total ground lease expenditures for the years ended December 31, 2022, 2021 and 2020 were $1,755,000, $1,354,000 and $1,051,000, respectively. Payments are subject to increases at 3 to 10 year intervals based upon the agreed or appraised fair market value of the leased premises on the adjustment date or the Consumer Price Index percentage increase since the base rent date. These future changes in payments will be considered variable payments and will not impact the assessment of the asset or liability unless there is a significant event that triggers reassessment, such as amendment with a change in the terms of the lease. The weighted-average remaining lease term as of December 31, 2022, for the ground leases is 36 years. EastGroup applies ASC 842, Leases , for its ground leases, which are classified as operating leases. There were no new ground leases in 2022 or 2020. In August 2021, the Company acquired DFW Global Logistics Centre in Dallas, which is located on land under a ground lease. The Company recorded a right of use asset of $12,708,000 in connection with this acquisition. As of December 31, 2022 and 2021, the unamortized balances of the Company’s right of use assets for its ground leases were $19,391,000 and $22,635,000, respectively. The right of use assets for ground leases are included in Real estate properties on the Consolidated Balance Sheets. The following schedule indicates approximate future minimum ground lease payments for these properties by year as of December 31, 2022: Future Minimum Ground Lease Payments as of December 31, 2022 Years Ending December 31, (In thousands) 2023 $ 1,519 2024 1,572 2025 1,606 2026 1,643 2027 1,643 Thereafter 53,758 Total minimum payments 61,741 Imputed interest (1) (41,835) Total ground lease liabilities $ 19,906 |
UNCONSOLIDATED INVESTMENT
UNCONSOLIDATED INVESTMENT | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
UNCONSOLIDATED INVESTMENT | UNCONSOLIDATED INVESTMENTThe Company owns a 50% undivided tenant-in-common interest in Industry Distribution Center II, a 309,000 square foot warehouse distribution building in the City of Industry (Los Angeles), California. The building was constructed in 1998 and is 100% leased through December 2026 to a single tenant who owns the other 50% interest in the property. This investment is accounted for under the equity method of accounting and had a carrying value of $7,230,000 at December 31, 2022, and $7,320,000 at December 31, 2021. |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Dec. 31, 2022 | |
Other Assets [Abstract] | |
OTHER ASSETS | OTHER ASSETS A summary of the Company’s Other assets follows: December 31, 2022 2021 (In thousands) Leasing costs (principally commissions) $ 140,273 116,772 Accumulated amortization of leasing costs (48,249) (42,193) Leasing costs (principally commissions), net of accumulated amortization 92,024 74,579 Acquired in-place lease intangibles 37,181 31,561 Accumulated amortization of acquired in-place lease intangibles (16,276) (13,038) Acquired in-place lease intangibles, net of accumulated amortization 20,905 18,523 Acquired above market lease intangibles 496 885 Accumulated amortization of acquired above market lease intangibles (251) (508) Acquired above market lease intangibles, net of accumulated amortization 245 377 Straight-line rents receivable 61,452 51,970 Accounts receivable 9,568 7,133 Interest rate swap assets 38,352 2,237 Right of use assets - Office leases (operating) 2,050 1,984 Escrow deposits and prepaid costs for pending transactions 2,522 3,864 Goodwill 990 990 Prepaid insurance 2,681 7,793 Receivable for tenant improvement cost reimbursements 364 7,680 Prepaid expenses and other assets 13,791 5,090 Total Other assets $ 244,944 182,220 |
UNSECURED BANK CREDIT FACILITIE
UNSECURED BANK CREDIT FACILITIES | 12 Months Ended |
Dec. 31, 2022 | |
Line of Credit Facility [Abstract] | |
UNSECURED BANK CREDIT FACILITIES | UNSECURED BANK CREDIT FACILITIES Until June 29, 2021, EastGroup had $350,000,000 and $45,000,000 unsecured bank credit facilities with margins over LIBOR of 100 basis points, facility fees of 20 basis points and maturity dates of July 30, 2022. The Company amended and restated these credit facilities on June 29, 2021, expanding the capacity to $425,000,000 and $50,000,000, as detailed below. The $425,000,000 unsecured bank credit facility is with a group of nine banks and has a maturity date of July 30, 2025. The credit facility contains options for two six-month extensions (at the Company’s election) and a $325,000,000 accordion (with agreement by all parties). The interest rate on each tranche is reset on a monthly basis and as of December 31, 2022, was LIBOR plus 77.5 basis points with an annual facility fee of 15 basis points. As of December 31, 2022, the Company had $170,000,000 of variable rate borrowings on this unsecured bank credit facility with a weighted average interest rate of 5.146%. The Company has a standby letter of credit of $67,000 pledged on this facility. The Company’s $50,000,000 unsecured bank credit facility has a maturity date of July 30, 2025, or such later date as designated by the bank; the Company also has two six-month extensions available if the extension options in the $425,000,000 facility are exercised. The interest rate is reset on a daily basis and as of December 31, 2022, was LIBOR plus 77.5 basis points with an annual facility fee of 15 basis points. As of December 31, 2022, the interest rate was 5.167% with no outstanding balance. For both facilities, the margin and facility fee are subject to changes in the Company’s credit ratings. Although the Company’s current credit rating is Baa2, given the strength of the Company’s key credit metrics, initial pricing for the credit facilities is based on the BBB+/Baa1 credit ratings level. This favorable pricing level will be retained provided that the Company’s consolidated leverage ratio, as defined in the applicable agreements, remains less than 32.5%. The facilities also include a sustainability-linked pricing component pursuant to which, if the Company meets certain sustainability performance targets, the applicable interest margin will be reduced by one basis point. Average unsecured bank credit facilities borrowings were $182,478,000 in 2022, $95,629,000 in 2021 and $87,095,000 in 2020, with weighted average interest rates (excluding amortization of facility fees and debt issuance costs) of 2.32% in 2022, 1.01% in 2021 and 1.86% in 2020. Amortization of facility fees was $713,000, $751,000 and $790,000 for 2022, 2021 and 2020, respectively. Amortization of debt issuance costs for the Company’s unsecured bank credit facilities was $650,000, $606,000 and $561,000 for 2022, 2021 and 2020, respectively. The Company’s unsecured bank credit facilities have certain restrictive covenants, such as maintaining debt service coverage and leverage ratios and maintaining insurance coverage, and the Company was in compliance with all of its financial debt covenants at December 31, 2022. See Note 6 for a detail of the outstanding balances of the Company’s Unsecured bank credit facilities as of December 31, 2022 and 2021. |
UNSECURED AND SECURED DEBT
UNSECURED AND SECURED DEBT | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
UNSECURED AND SECURED DEBT | UNSECURED AND SECURED DEBT The Company’s debt is detailed below: December 31, 2022 2021 (In thousands) Unsecured bank credit facilities - variable rate, carrying amount $ 170,000 209,210 Unamortized debt issuance costs (1,546) (2,144) Unsecured bank credit facilities, net of debt issuance costs 168,454 207,066 Unsecured debt - fixed rate, carrying amount (1) 1,695,000 1,245,000 Unamortized debt issuance costs (3,741) (2,430) Unsecured debt, net of debt issuance costs 1,691,259 1,242,570 Secured debt - fixed rate, carrying amount (1) 2,041 2,156 Unamortized debt issuance costs (10) (14) Secured debt, net of debt issuance costs 2,031 2,142 Total debt, net of debt issuance costs $ 1,861,744 1,451,778 (1) These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps. A summary of the carrying amount of Unsecured debt follows: Balance at December 31, Margin Interest Rate Maturity Date 2022 2021 (In thousands) $75 Million Unsecured Term Loan (1) 1.40% 3.03% 02/28/2022 $ — 75,000 $65 Million Unsecured Term Loan (1) 1.10% 2.31% 04/01/2023 65,000 65,000 $70 Million Senior Unsecured Notes: $50 Million Notes Not applicable 3.80% 08/28/2023 50,000 50,000 $20 Million Notes Not applicable 3.80% 08/28/2025 20,000 20,000 $60 Million Senior Unsecured Notes Not applicable 3.46% 12/13/2024 60,000 60,000 $100 Million Senior Unsecured Notes: $60 Million Notes Not applicable 3.48% 12/15/2024 60,000 60,000 $40 Million Notes Not applicable 3.75% 12/15/2026 40,000 40,000 $25 Million Senior Unsecured Notes Not applicable 3.97% 10/01/2025 25,000 25,000 $50 Million Senior Unsecured Notes Not applicable 3.99% 10/07/2025 50,000 50,000 $60 Million Senior Unsecured Notes Not applicable 3.93% 04/10/2028 60,000 60,000 $80 Million Senior Unsecured Notes Not applicable 4.27% 03/28/2029 80,000 80,000 $35 Million Senior Unsecured Notes Not applicable 3.54% 08/15/2031 35,000 35,000 $75 Million Senior Unsecured Notes Not applicable 3.47% 08/19/2029 75,000 75,000 $100 Million Unsecured Term Loan (2) (3) 0.95% 2.10% 10/10/2026 100,000 100,000 $100 Million Unsecured Term Loan (2) (4) 0.95% 1.80% 03/25/2027 100,000 100,000 $100 Million Senior Unsecured Notes Not applicable 2.61% 10/14/2030 100,000 100,000 $75 Million Senior Unsecured Notes Not applicable 2.71% 10/14/2032 75,000 75,000 $50 Million Unsecured Term Loan (2) (5) 1.10% 1.58% 03/18/2025 50,000 50,000 $125 Million Senior Unsecured Notes Not applicable 2.74% 06/10/2031 125,000 125,000 $100 Million Unsecured Term Loan (2) 1.40% 3.06% 09/29/2028 100,000 — $150 Million Senior Unsecured Notes Not applicable 3.03% 04/20/2032 150,000 — $125 Million Unsecured Term Loans (2) : $50 Million Loan 0.95% 4.09% 08/30/2024 50,000 — $75 Million Loan 0.95% 4.00% 08/31/2027 75,000 — $150 Million Senior Unsecured Notes: $75 Million Notes Not applicable 4.90% 10/12/2033 75,000 — $75 Million Notes Not applicable 4.95% 10/12/2034 75,000 — $ 1,695,000 1,245,000 (1) The interest rates on these unsecured term loans are comprised of LIBOR plus a margin which is subject to a pricing grid for changes in the Company’s coverage ratings. The Company entered into interest rate swap agreements (further described in Note 12) to convert the loans’ LIBOR rates to effectively fixed interest rates. The interest rates in the table above are the effectively fixed interest rates for the loans, including the effects of the interest rate swaps, as of December 31, 2022. (2) The interest rates on these unsecured term loans are comprised of Term Secured Overnight Financing Rate ( “ SOFR ” ) plus a margin which is subject to a pricing grid for changes in the Company’s coverage ratings. The Company entered into interest rate swap agreements (further described in Note 12) to convert the loans’ Term SOFR rates to effectively fixed interest rates. The interest rates in the table above are the effectively fixed interest rates for the loans, including the effects of the interest rate swaps, as of December 31, 2022. (3) This term loan was refinanced effective October 10, 2021. The margin above LIBOR was reduced by 65 basis points, changing the effectively fixed rate from 2.75% to 2.10%. Also, effective August 31, 2022, the loan was amended to replace LIBOR with Term SOFR. (4) This term loan was amended and refinanced effective March 25, 2022. The margin was reduced by approximately 60 basis points, changing the effectively fixed rate from 2.39% to 1.80%, and LIBOR was replaced with Term SOFR. (5) This term loan was amended effective December 19, 2022 to replace LIBOR with Term SOFR. In January 2022, the Company and a group of lenders agreed to terms on the private placement of $150,000,000 of senior unsecured notes with a fixed interest rate of 3.03% and a 10-year term. The notes were issued and sold on April 20, 2022 and require interest-only payments. The notes will not be and have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. In February 2022, EastGroup repaid a $75,000,000 unsecured term loan at maturity with an effectively fixed interest rate of 3.03%. In March 2022, the Company closed a $100,000,000 senior unsecured term loan with a 6.5-year term and interest only payments, which bears interest at an annual rate of the SOFR plus an applicable margin (1.40% as of December 31, 2022) based on the Company’s senior unsecured long-term debt rating. The Company also entered into an interest rate swap agreement to convert the loan’s SOFR rate component to a fixed interest rate for the entire term of the loan providing a total effectively fixed interest rate of 3.06%. Also during March 2022, the Company closed on the refinance of a $100,000,000 senior unsecured term loan with five years remaining. The amended term loan provides for interest only payments currently at an interest rate of SOFR plus 95 basis points, based on the Company’s current credit ratings and consolidated leverage ratio, which is a 60 basis point reduction in the credit spread compared to the original term loan. The Company has an interest rate swap agreement which converts the loan’s SOFR rate component to a fixed interest rate for the entire term of the loan, providing a total effectively fixed interest rate of 1.80%. In June 2022, the Company assumed a $60,000,000 loan in connection with the acquisition of Tulloch Corporation, the owner of an industrial real estate portfolio comprised of 14 operating properties and two parcels of land, which was immediately repaid with no penalty during June 2022. In August 2022, the Company closed a $125,000,000 senior unsecured term loan with interest only payments, bearing interest at the annual rate of SOFR plus an applicable margin (0.95% as of December 31, 2022) based on the Company’s senior unsecured long-term debt rating and consolidated leverage ratio. The loan has a $75,000,000 tranche with a five two In July 2022, the Company and a group of lenders agreed to terms on the private placement of two senior unsecured notes totaling $150,000,000. One note for $75,000,000 has an 11-year term and a fixed interest rate of 4.90% with semi-annual interest-only payments. The other $75,000,000 note has a 12-year term and a fixed interest rate of 4.95% with semi-annual interest-only payments. The notes, dated August 16, 2022, were issued and sold on October 12, 2022. The notes will not be and have not been registered under the Securities Act, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. During the year ended December 31, 2021, EastGroup closed on a total of $175,000,000 of new unsecured debt with a weighted average effectively fixed interest rate of 2.40%, refinanced a $100,000,000 unsecured term loan reducing the interest rate by 65 basis points, and repaid a $40,000,000 unsecured term loan with an effectively fixed interest rate of 2.34%. The Company’s unsecured debt instruments have certain restrictive covenants, such as maintaining debt service coverage and leverage ratios and maintaining insurance coverage, and the Company was in compliance with all of its financial debt covenants at December 31, 2022 and 2021. A summary of the carrying amount of Secured debt follows: Interest Rate Monthly Maturity Carrying Amount Balance at December 31, Property 2022 2021 (In thousands) Ramona Distribution Center 3.85% $ 16,287 11/30/2026 $ 8,333 2,041 2,156 The Company currently intends to repay its debt obligations, both in the short-term and long-term, through its operating cash flows, borrowings under its unsecured bank credit facilities, proceeds from new debt (primarily unsecured), and/or proceeds from the issuance of equity instruments. Scheduled principal payments on long-term debt, including Unsecured debt, net of debt issuance costs and Secured debt, net of debt issuance costs (not including Unsecured bank credit facilities, net of debt issuance costs ), as of December 31, 2022 are as follows: Years Ending December 31, (In thousands) 2023 $ 115,119 2024 170,122 2025 145,128 2026 141,672 2027 175,000 |
ACCOUNTS PAYABLE AND ACCRUED EX
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 12 Months Ended |
Dec. 31, 2022 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | ACCOUNTS PAYABLE AND ACCRUED EXPENSES A summary of the Company’s Accounts payable and accrued expenses follows: December 31, 2022 2021 (In thousands) Property taxes payable $ 6,823 4,494 Development costs payable 21,305 17,529 Retainage payable 11,011 10,576 Real estate improvements and capitalized leasing costs payable 5,182 5,798 Interest payable 9,597 6,547 Dividends payable 55,952 46,864 Book overdraft (1) 13,370 4,845 Other payables and accrued expenses 13,748 13,107 Total Accounts payable and accrued expenses $ 136,988 109,760 (1) Represents checks written before the end of the period which have not cleared the bank; therefore, the bank has not yet advanced cash to the Company. When the checks clear the bank, they will be funded through the Company’s working cash line of credit, which is included in the Company’s Unsecured bank credit facilities. See Note 1(p). |
OTHER LIABILITIES
OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2022 | |
Other Liabilities Disclosure [Abstract] | |
OTHER LIABILITIES | OTHER LIABILITIES A summary of the Company’s Other liabilities follows: December 31, 2022 2021 (In thousands) Security deposits $ 34,272 28,343 Prepaid rent and other deferred income 17,004 16,401 Operating lease liabilities — Ground leases 19,906 22,898 Operating lease liabilities — Office leases 2,139 2,032 Acquired below-market lease intangibles 10,735 8,124 Accumulated amortization of acquired below-market lease intangibles (3,957) (2,707) Acquired below-market lease intangibles, net of accumulated amortization 6,778 5,417 Interest rate swap liabilities 1,981 935 Tenant improvement cost liabilities 1,570 2,796 Other liabilities 16 3,516 Total Other liabilities $ 83,666 82,338 |
COMMON STOCK ACTIVITY
COMMON STOCK ACTIVITY | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
COMMON STOCK ACTIVITY | COMMON STOCK ACTIVITY The following table presents the common stock activity for the three years ended December 31, 2022: Years Ended December 31, 2022 2021 2020 Common Stock (in shares) Shares outstanding at beginning of year 41,268,846 39,676,828 38,925,953 Common stock offerings 393,406 1,551,181 709,924 Common stock issued in the purchase of real estate 1,868,809 — — Incentive restricted stock granted 71,217 66,623 69,446 Incentive restricted stock forfeited — — (440) Director common stock awarded 161 4,466 8,182 Director restricted stock granted 5,696 — 208 Employee common stock awarded 2,425 — — Stock withheld for tax obligations (35,021) (30,252) (36,445) Shares outstanding at end of year 43,575,539 41,268,846 39,676,828 The Company had an at the market equity program that allowed it to issue and sell shares of its common stock with an aggregate gross sales price of up to $750,000,000 (the Prior ATM Program") through sales agents from time to time. The following table presents the common stock issuance activity pursuant to the Company's prior ATM program for the three years ended December 31, 2022: Years Ended December 31, Number of Shares of Net Proceeds (In thousands) 2022 393,406 $ 75,375 2021 1,551,181 271,155 2020 709,924 92,663 |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION Equity Incentive Plan In May 2004, the stockholders of the Company approved the EastGroup Properties, Inc. 2004 Equity Incentive Plan (the “2004 Plan”) that authorized the issuance of up to 1,900,000 shares of common stock to employees in the form of options, stock appreciation rights, restricted stock, deferred stock units, performance shares, bonus stock or stock in lieu of cash compensation. The 2004 Plan was further amended by the Board of Directors in September 2005 and December 2006. In April 2013, the Board of Directors adopted the EastGroup Properties, Inc. 2013 Equity Incentive Plan (the “2013 Equity Plan”) upon the recommendation of the Compensation Committee; the 2013 Equity Plan was approved by the Company’s stockholders and became effective May 29, 2013. The 2013 Equity Plan was further amended by the Board of Directors in March 2017. The 2013 Equity Plan permits the grant of awards to employees and directors with respect to 2,000,000 shares of common stock. There were 1,422,437, 1,477,241 and 1,527,382 total shares available for grant under the 2013 Equity Plan as of December 31, 2022, 2021 and 2020, respectively. Typically, the Company issues new shares to fulfill stock grants. Employee Equity Awards The Company’s restricted stock program is designed to provide incentives for management to achieve goals established by the Compensation Committee of the Company’s Board of Directors (the “Committee”). The awards act as a retention device, as they vest over time, allowing participants to benefit from dividends on shares as well as potential stock appreciation. Equity awards align management’s interests with the long-term interests of shareholders. The Committee approves long-term and annual equity compensation awards for the Company’s executive officers. The vesting periods of the Company’s restricted stock plans vary, as determined by the Committee. Restricted stock is granted to executive officers subject to both continued service and the satisfaction of certain annual performance goals and multi-year market conditions as determined by the Committee. Long-term equity compensation awards The long-term compensation awards include components based on the Company’s total shareholder return over the upcoming three The following table summarizes the assumptions used in the Monte Carlo simulation pricing model used to determine the grant date fair value of the multi-year market conditions component of the long-term compensation awards for 2022, 2021 and 2020: 2022 Award 2021 Award 2020 Award Valuation date 3/3/2022 2/25/2021 3/6/2020 Risk-free interest rate 1.64 % 0.39 % 0.62 % Expected share price volatility for the Company 30.01 % 30.51 % 16.72 % Expected share price volatility for peer group companies - low end of range 26.32 % 26.87 % 14.40 % Expected share price volatility for peer group companies - high end of range 50.10 % 54.25 % 49.23 % Expected dividend yield 2.27 % 2.27 % 2.28 % Number of simulation paths 1,000,000 1,000,000 1,000,000 Grant date fair value (in thousands) $ 2,912 2,941 2,037 The risk-free interest rate is based on zero coupon risk-free rates matching the three-year time period of the market performance period. The expected share price volatilities are based on a mix of the historical and implied volatilities of the Company and the peer group companies. The expected dividend yield is based on the expected annual cash dividend as of the valuation date divided by the Company’s stock price on the valuation date. These market based awards are expensed on a straight-line basis over the requisite service period (75% vests at the end of the three-year performance period and 25% vests the following year). The following table presents the total shareholder return component of the long-term compensation awards for the four years ended December 31, 2022: 2022 Award 2021 Award 2020 Award 2019 Award Grant date 3/3/2022 2/25/2021 3/6/2020 3/7/2019 Performance period 1/1/22 - 12/31/24 1/1/21 - 12/31/23 1/1/20 - 12/31/22 1/1/19 - 12/31/21 Range of earnable shares - low end of range — — — — Range of earnable shares - high end of range 27,212 36,400 25,261 33,442 Shares determined N/A (1) N/A (1) N/A (1) 30,990 (1) The performance conditions for this award have not yet been satisfied and the number of shares have not yet been determined. The long term awards subject only to continuing employment are expensed on a straight-line basis over the requisite service period (25% vests in each of the following four 2022 Award 2021 Award 2020 Award 2019 Award Grant date 3/3/2022 2/25/2021 3/6/2020 3/7/2019 Shares granted 5,830 7,801 7,217 9,947 Grant date share price $ 193.54 138.93 131.36 105.97 Annual equity compensation awards The annual equity compensation awards include components based on certain annual Company performance measures and individual annual performance goals over the upcoming year. The certain Company performance measures for 2022 are: (i) funds from operations “FFO” per share, (ii) cash same property net operating income change, (iii) debt-to-EBITDAre ratio, and (iv) fixed charge coverage. The Company begins recognizing expense for its estimate of the shares that could be earned pursuant to these awards on the grant date; the expense is adjusted to estimated performance levels during the performance period and to actual upon the determination of the awards. The shares are expensed using the graded vesting attribution method which recognizes each separate vesting portion of the award as a separate award on a straight-line basis over the requisite service period (34% vests at the end of the one two The following table presents the Company performance measures component of the annual equity compensation awards for the three years ended December 31, 2022: 2022 Award 2021 Award 2020 Award Grant date 3/3/2022 2/25/2021 3/6/2020 Performance period 1/1/22 - 12/31/22 1/1/21 - 12/31/21 1/1/20 - 12/31/20 Range of earnable shares - low end of range — — — Range of earnable shares - high end of range 13,289 19,052 19,282 Shares determined N/A (1) 18,798 18,380 Grant date share price $ 193.54 138.93 131.36 (1) The performance conditions for this award have not yet been satisfied and the number of shares have not yet been determined. Any shares issued pursuant to the individual annual performance goals are determined by the Committee in its discretion following the performance period. The Company begins recognizing the expense for the shares on the grant date and expenses on a straight-line basis over the remaining service period (34% vests at the end of the one two The following table presents the individual performance goals component of the annual equity compensation awards for the three years ended December 31, 2022: 2022 Award 2021 Award 2020 Award Grant date N/A (1) 2/16/2022 2/17/2021 Performance period 1/1/22 - 12/31/22 1/1/21 - 12/31/21 1/1/20 - 12/31/20 Range of earnable shares - low end of range — — — Range of earnable shares - high end of range 3,323 4,756 4,812 Shares determined N/A (1) 4,374 4,156 Grant date share price N/A (1) $ 190.89 142.89 (1) The performance conditions for this award have not yet been satisfied and the grant date and number of shares have not yet been determined. Equity compensation is also awarded to the Company’s non-executive officers, which are subject to service only conditions and expensed on a straight-line basis over the requisite service period (20% vests in each of the following five 2022 Award 2021 Award 2020 Award Grant date 6/20/2022 7/7/2021 5/6/2020 Shares granted 11,225 9,200 12,300 Grant date share price $ 148.48 168.35 105.30 The Committee has adopted an Equity Award Retirement Policy (the “retirement policy”) which allows for accelerated vesting of unvested shares for retirement-eligible employees (defined as employees who meet certain age and years of service requirements). In order to qualify for accelerated vesting upon retirement, the eligible employees must provide required notification under the retirement policy and must retire from the Company. The Company has adjusted its stock-based compensation expense to accelerate the recognition of expense for retirement-eligible employees. Stock-based compensation cost for employees was $10,236,000, $9,136,000 and $7,605,000 for 2022, 2021 and 2020, respectively, of which $2,510,000, $2,336,000 and $1,923,000 were capitalized as part of the Company’s development costs for the respective years. As of December 31, 2022, there was $4,177,000 of unrecognized compensation cost related to unvested restricted stock compensation for employees and directors that is expected to be recognized over a weighted average period of 2.6 years. During the restricted period for awards no longer subject to contingencies, dividends are accrued based upon the number of shares expected to be awarded. As of December 31, 2022, 2021 and 2020, accrued dividends on unvested restricted stock were $1,610,000, $1,585,000 and $1,433,000, respectively. Of the shares that vested in 2022, 2021 and 2020, 34,251 shares, 30,252 shares and 36,445 shares, respectively, were withheld by the Company to satisfy the tax obligations for those employees who elected this option as permitted under the applicable equity plan. Following is a summary of the total restricted shares granted, forfeited and delivered (vested) to employees with the related weighted average grant date fair value share prices for 2022, 2021 and 2020. As of the grant dates, the aggregate fair value of shares that were granted during 2022, 2021 and 2020 was $8,655,000, $7,682,000 and $7,028,000, respectively. As of the vesting dates, the aggregate fair value of shares that vested during 2022, 2021 and 2020 was $17,124,000, $10,322,000 and $11,754,000, respectively. Restricted Stock Activity: Years Ended December 31, 2022 2021 2020 Shares Weighted Average Shares Weighted Average Shares Weighted Average Unvested at beginning of year 106,056 $ 116.37 113,125 $ 100.86 130,884 $ 82.78 Granted (1) (2) 71,217 121.52 66,623 115.30 69,446 101.19 Forfeited — — — — (440) 112.14 Vested (80,565) 102.42 (73,692) 91.59 (86,765) 73.80 Unvested at end of year 96,708 131.79 106,056 116.37 113,125 100.86 (1) Includes shares granted in prior years for which performance conditions have been satisfied and the number of shares have been determined. (2) Does not include the restricted shares that may be earned if the performance goals established in 2020 and 2021 for long-term performance and in 2022 for annual and long-term performance are achieved. Depending on the actual level of achievement of the goals at the end of the open performance periods, the number of shares earned could range from zero to 105,485. Following is a vesting schedule of the total unvested shares for employees as of December 31, 2022: Unvested Shares Vesting Schedule Number of Shares 2023 51,937 2024 27,034 2025 9,951 2026 5,541 2027 2,245 Total Unvested Shares 96,708 Directors Equity Awards The Board of Directors has adopted a policy under the 2013 Equity Plan pursuant to which awards will be made to non-employee Directors. The current policy provides that the Company shall automatically award an annual restricted share award to each non-employee Director who has been elected or re-elected as a member of the Board of Directors at the Annual Meeting. The number of shares shall be equal to $110,000 divided by the fair market value of a share on the date of such election. If a non-employee Director is elected or appointed to the Board of Directors other than at an Annual Meeting of the Company, the annual restricted share award shall be pro rated. The restricted shares vest in full on the earlier of the one-year anniversary of the date of grant or the next annual meeting of shareholders following the date of grant, subject to the non-employee director’s continued service on the Board through such vesting date, subject to certain exceptions. The shares are expensed on a straight-line basis over the service period. The policy also provides that each new non-employee Director appointed or elected will receive an automatic award of restricted shares of Common Stock on the effective date of election or appointment equal to $25,000 divided by the fair market value of the Company’s Common Stock on such date. These restricted shares will vest 25% per year over a four-year period upon the performance of future service as a Director, subject to certain exceptions. The shares are expensed on a straight-line basis over the service period. Directors were granted 5,568 shares of common stock as annual restricted share awards for 2022. Directors were issued 4,466 shares and 8,182 shares of common stock as annual retainer awards for 2021 and 2020, respectively. Stock-based compensation expense for directors was $566,000, $711,000 and $897,000 for 2022, 2021 and 2020, respectively. Following is a summary of the total restricted shares granted, forfeited and delivered (vested) to directors with the related weighted average grant date fair value share prices for 2022, 2021 and 2020. As of the vesting dates, the fair value of shares that vested during 2022, 2021 and 2020 was $8,000, $21,000 and $9,000, respectively. Restricted Stock Activity: Years Ended December 31, 2022 2021 2020 Shares Weighted Average Shares Weighted Average Shares Weighted Average Unvested at beginning of year 156 $ 120.39 278 $ 112.45 140 $ 88.86 Granted 5,696 159.00 — — 208 120.39 Forfeited — — — — — — Vested (52) 120.39 (122) 102.30 (70) 88.86 Unvested at end of year 5,800 158.31 156 120.39 278 112.45 |
COMPREHENSIVE INCOME
COMPREHENSIVE INCOME | 12 Months Ended |
Dec. 31, 2022 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
COMPREHENSIVE INCOME | COMPREHENSIVE INCOME Total Comprehensive Income is comprised of net income plus all other changes in equity from non-owner sources and is presented on the Consolidated Statements of Income and Comprehensive Income. The components of Accumulated other comprehensive income (loss) for 2022, 2021 and 2020 are presented in the Company’s Consolidated Statements of Changes in Equity and are summarized below. See Note 12 for information regarding the Company’s interest rate swaps. Years Ended December 31, 2022 2021 2020 ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS): (In thousands) Balance at beginning of year $ 1,302 (10,752) 2,807 Other comprehensive income (loss) - interest rate swaps 35,069 12,054 (13,559) Balance at end of year $ 36,371 1,302 (10,752) |
DERIVATIVE INSTRUMENTS AND HEDG
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risk, including interest rate, liquidity and credit risk primarily by managing the amount, sources and duration of its debt funding and, to a limited extent, the use of derivative instruments. Specifically, the Company has entered into derivative instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative instruments, described below, are used to manage differences in the amount, timing and duration of the Company’s known or expected cash payments principally related to certain of the Company’s borrowings. The Company’s objective in using interest rate derivatives is to change variable interest rates to fixed interest rates by using interest rate swaps. Interest rate swaps designated as cash flow hedges involve the receipt of variable rate amounts from a counterparty in exchange for the Company making fixed rate payments over the life of the agreements without exchange of the underlying notional amount. As of December 31, 2022, EastGroup had eight interest rate swaps outstanding, all of which are used to hedge the variable cash flows associated with unsecured loans. All of the Company’s interest rate swaps convert the related loans’ LIBOR or SOFR rate components to effectively fixed interest rates, and the Company has concluded that each of the hedging relationships is highly effective. The changes in the fair value of derivatives designated and qualifying as cash flow hedges are recorded in Other comprehensive income (loss) and are subsequently reclassified into earnings through Interest expense as interest payments are made or received on the Company’s variable rate debt in the period that the hedged forecasted transaction affects earnings. The Company estimates that an additional $16,024,000 will be reclassified from Accumulated other comprehensive income (loss) as a decrease to Interest expense over the next twelve months. During the year ended December 31, 2021, the Company’s valuation methodology for over-the-counter (“OTC”) derivatives was to discount cash flows based on Overnight Index Swap (“OIS”) rates. Uncollateralized or partially-collateralized trades were discounted at OIS rates, but included appropriate economic adjustments for funding costs and credit risk. During the year ended December 31, 2022, the Company discontinued using OIS discount factors, and replaced them with SOFR discount factors primarily as a result of recent developments in market conditions. The Company calculates its derivative values using mid-market prices . In July 2017, the Financial Conduct Authority announced it intended to stop compelling banks to submit rates for the calculation of LIBOR after 2021. In March 2021, the ICE Benchmark Administration, the administrator of LIBOR, announced its intention to cease publication of certain LIBOR settings after 2021, while continuing to publish overnight and one-, three-, six-, and twelve-month U.S. dollar LIBOR rates through June 30, 2023. While this announcement extended the transition period to June 2023, the United States Federal Reserve Board and other regulatory bodies concurrently issued guidance encouraging banks and other financial market participants to cease entering into new contracts that use U.S. dollar LIBOR as a reference rate as soon as practicable and in any event no later than December 31, 2021. In the U.S., the Alternative Reference Rates Committee, which was convened by the Federal Reserve Board and the Federal Reserve Bank of New York, has recommended that the SOFR plus a recommended spread adjustment as its preferred alternative to USD-LIBOR. There are significant differences between LIBOR and SOFR, such as LIBOR being an unsecured lending rate while SOFR is a secured rate, and SOFR is an overnight rate while LIBOR reflects term rates at different maturities. We expect that all LIBOR settings relevant to us will cease to be published or will no longer be representative after June 30, 2023. As a result, all of the Company’s LIBOR-based borrowings and hedges that extend beyond such date have been amended to modify the index from LIBOR to SOFR. Concurrently, the related swaps were amended to reference SOFR rather than LIBOR. The transition did not have a material impact on our consolidated financial statements. While we expect LIBOR to be available in substantially its current form until June 30, 2023, it is possible that LIBOR will become unavailable prior to that point. This could result, for example, if sufficient banks decline to make submissions to the LIBOR administrator. In that case, the risks associated with the transition to an alternative reference rate will be accelerated and may be magnified. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 , which was issued to defer the sunset date of Topic 848 to December 31, 2024. ASU 2022-06 is effective immediately for all companies. ASU 2022-06 has no impact on the Company’s consolidated financial statements for the year ended December 31, 2022. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. As of December 31, 2022 and 2021, the Company had the following outstanding interest rate derivatives that are designated as cash flow hedges of interest rate risk: Interest Rate Derivative Notional Amount as of December 31, 2022 Notional Amount as of December 31, 2021 (In thousands) Interest Rate Swap — $75,000 Interest Rate Swap $65,000 $65,000 Interest Rate Swap $100,000 $100,000 Interest Rate Swap $100,000 $100,000 Interest Rate Swap $50,000 $50,000 Interest Rate Swap $100,000 — Interest Rate Swap $75,000 — Interest Rate Swap $50,000 — Interest Rate Swap $100,000 — The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2022 and 2021. See Note 16 for additional information on the fair value of the Company’s interest rate swaps. Derivatives As of December 31, 2022 Derivatives As of December 31, 2021 Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In thousands) Derivatives designated as cash flow hedges: Interest rate swap assets Other assets $ 38,352 Other assets $ 2,237 Interest rate swap liabilities Other liabilities 1,981 Other liabilities 935 The table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2022, 2021 and 2020: Years Ended December 31, 2022 2021 2020 (In thousands) DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS Interest Rate Swaps: Amount of income (loss) recognized in Other comprehensive income (loss) on derivatives $ 37,563 7,747 (17,364) Amount of (income) loss reclassified from Accumulated other comprehensive income (loss) into Interest expense (2,494) 4,307 3,805 See Note 11 for additional information on the Company’s Accumulated other comprehensive income (loss) resulting from its interest rate swaps. Derivative financial agreements expose the Company to credit risk in the event of non-performance by the counterparties under the terms of the interest rate hedge agreements. The Company believes it minimizes the credit risk by transacting with financial institutions the Company regards as credit-worthy. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The Company applies ASC 260, Earnings Per Share , which requires companies to present basic and diluted earnings per share (“EPS”). Basic EPS represents the amount of earnings for the period attributable to each share of common stock outstanding during the reporting period. The Company’s basic EPS is calculated by dividing Net Income Attributable to EastGroup Properties, Inc. Common Stockholders by the weighted average number of common shares outstanding. The weighted average number of common shares outstanding does not include any potentially dilutive securities or any unvested restricted shares of common stock. These unvested restricted shares, although classified as issued and outstanding, are considered forfeitable until the restrictions lapse and will not be included in the basic EPS calculation until the shares are vested. Diluted EPS represents the amount of earnings for the period attributable to each share of common stock outstanding during the reporting period and to each share that would have been outstanding assuming the issuance of common shares for all dilutive potential common shares outstanding during the reporting period. The Company calculates diluted EPS by dividing Net Income Attributable to EastGroup Properties, Inc. Common Stockholders by the weighted average number of common shares outstanding plus the dilutive effect of unvested restricted stock. The dilutive effect of unvested restricted stock is determined using the treasury stock method. Reconciliation of the numerators and denominators in the basic and diluted EPS computations is as follows: 2022 2021 2020 (In thousands) BASIC EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO Numerator – net income attributable to common stockholders $ 186,182 157,557 108,363 Denominator – weighted average shares outstanding 42,599 40,255 39,185 DILUTED EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE Numerator – net income attributable to common stockholders $ 186,182 157,557 108,363 Denominator: Weighted average shares outstanding 42,599 40,255 39,185 Unvested restricted stock 113 122 111 Diluted weighted average shares outstanding 42,712 40,377 39,296 |
DEFINED CONTRIBUTION PLAN
DEFINED CONTRIBUTION PLAN | 12 Months Ended |
Dec. 31, 2022 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
DEFINED CONTRIBUTION PLAN | DEFINED CONTRIBUTION PLANEastGroup maintains a 401(k) plan for its employees. The Company makes matching contributions of 50% of the employee’s contribution (limited to 10% of compensation as defined by the plan) and may also make annual discretionary contributions. The Company’s total expense for this plan was $1,158,000, $1,106,000 and $851,000 for 2022, 2021 and 2020, respectively. |
LEGAL MATTERS
LEGAL MATTERS | 12 Months Ended |
Dec. 31, 2022 | |
Loss Contingency [Abstract] | |
LEGAL MATTERS | LEGAL MATTERS The Company is not presently involved in any material litigation nor, to its knowledge, is any material litigation threatened against the Company or its properties, other than routine litigation arising in the ordinary course of business. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS ASC 820, Fair Value Measurement, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also provides guidance for using fair value to measure financial assets and liabilities. The Codification requires disclosure of the level within the fair value hierarchy in which the fair value measurements fall, including measurements using quoted prices in active markets for identical assets or liabilities (Level 1), quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active (Level 2), and significant valuation assumptions that are not readily observable in the market (Level 3). The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments in accordance with ASC 820 at December 31, 2022 and 2021. December 31, 2022 2021 Carrying Amount (1) Fair Carrying Amount (1) Fair (In thousands) Financial Assets: Cash and cash equivalents $ 56 56 4,393 4,393 Interest rate swap assets 38,352 38,352 2,237 2,237 Financial Liabilities: Unsecured bank credit facilities - variable rate (2) 170,000 169,684 209,210 209,202 Unsecured debt (2) 1,695,000 1,548,221 1,245,000 1,267,702 Secured debt (2) 2,041 1,918 2,156 2,269 Interest rate swap liabilities 1,981 1,981 935 935 (1) Carrying amounts shown in the table are included in the Consolidated Balance Sheets under the indicated captions, except as indicated in the notes below. (2) Carrying amounts and fair values shown in the table exclude debt issuance costs (see Notes 5 and 6 for additional information). The following methods and assumptions were used to estimate the fair value of each class of financial instruments: Cash and cash equivalents: The carrying amounts approximate fair value due to the short maturity of those instruments. Interest rate swap assets (included in Other assets on the Consolidated Balance Sheets): The instruments are recorded at fair value based on models using inputs, such as interest rate yield curves, and LIBOR or SOFR swap curves, observable for substantially the full term of the contract (Level 2 input). See Note 12 for additional information on the Company’s interest rate swaps. Unsecured bank credit facilities: The fair value of the Company’s unsecured bank credit facilities is estimated by discounting expected cash flows at current market rates (Level 2 input), excluding the effects of debt issuance costs. Unsecured debt: The fair value of the Company’s unsecured debt is estimated by discounting expected cash flows at the rates currently offered to the Company for debt of the same remaining maturities, as advised by the Company’s bankers (Level 2 input), excluding the effects of debt issuance costs. Secured debt: The fair value of the Company’s secured debt is estimated by discounting expected cash flows at the rates currently offered to the Company for debt of the same remaining maturities, as advised by the Company’s bankers (Level 2 input), excluding the effects of debt issuance costs. Interest rate swap liabilities (included in Other liabilities on the Consolidated Balance Sheets): The instruments are recorded at fair value based on models using inputs, such as interest rate yield curves, and LIBOR or SOFR swap curves, observable for substantially the full term of the contract (Level 2 input). See Note 12 for additional information on the Company’s interest rate swaps. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS During the year ended December 31, 2022, the Company agreed to terms on a $100,000,000 senior unsecured term loan with interest only payments, bearing interest at the annual rate of SOFR plus an applicable margin based on the Company’s senior unsecured long-term debt rating. The loan closed and funded in January 2023, subsequent to year end, and has a seven Also during the year ended December 31, 2022, EastGroup amended its unsecured bank credit facilities, effective January 2023, to expand the total capacity on its unsecured bank credit facilities from $475,000,000 to $675,000,000, subsequent to year end. In conjunction with the amendment, LIBOR was replaced by SOFR as the benchmark interest rate. There were no other significant changes, and the maturity date remains July 30, 2025. |
SCHEDULE III
SCHEDULE III | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III | SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2022 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total Real Estate Properties (c): Industrial: FLORIDA Tampa Westport Commerce Center $ — 980 3,800 4,076 980 7,876 8,856 5,528 1994 1983/87 Benjamin Distribution Center 1 & 2 — 843 3,963 2,108 883 6,031 6,914 4,614 1997 1996 Benjamin Distribution Center 3 — 407 1,503 778 407 2,281 2,688 1,804 1999 1988 Palm River Center — 1,190 4,625 3,233 1,190 7,858 9,048 5,953 1997/98 1990/97/98 Palm River North 1 & 3 — 1,005 4,688 3,472 1,005 8,160 9,165 5,434 1998 2000 Palm River North 2 — 634 4,418 498 634 4,916 5,550 3,779 1997/98 1999 Palm River South 1 — 655 3,187 1,120 655 4,307 4,962 2,290 2000 2005 Palm River South 2 — 655 — 5,346 655 5,346 6,001 2,709 2000 2006 Walden Distribution Center 1 — 337 3,318 1,713 337 5,031 5,368 2,696 1997/98 2001 Walden Distribution Center 2 — 465 3,738 1,547 465 5,285 5,750 3,599 1998 1998 Oak Creek Distribution Center 1 — 1,109 6,126 1,487 1,109 7,613 8,722 5,193 1998 1998 Oak Creek Distribution Center 2 — 647 3,603 1,927 647 5,530 6,177 3,462 2003 2001 Oak Creek Distribution Center 3 — 439 — 3,602 556 3,485 4,041 1,593 2005 2007 Oak Creek Distribution Center 4 — 682 6,472 1,118 682 7,590 8,272 3,967 2005 2001 Oak Creek Distribution Center 5 — 724 — 6,041 916 5,849 6,765 3,052 2005 2007 Oak Creek Distribution Center 6 — 642 — 5,827 812 5,657 6,469 2,868 2005 2008 Oak Creek Distribution Center 7 — 740 — 6,467 740 6,467 7,207 1,176 2005 2017 Oak Creek Distribution Center 8 — 843 — 6,290 1,051 6,082 7,133 1,487 2005 2015 Oak Creek Distribution Center 9 — 618 — 5,177 781 5,014 5,795 2,076 2005 2009 Oak Creek Distribution Center A — 185 — 1,552 185 1,552 1,737 692 2005 2008 Oak Creek Distribution Center B — 227 — 1,592 227 1,592 1,819 715 2005 2008 Oak Creek Distribution Center C Land — 355 — 1,288 355 1,288 1,643 24 2005 n/a Airport Commerce Center — 1,257 4,012 1,147 1,257 5,159 6,416 3,392 1998 1998 Westlake Distribution Center — 1,333 6,998 2,868 1,333 9,866 11,199 6,917 1998 1998/99 Expressway Commerce Center 1 — 915 5,346 1,772 915 7,118 8,033 4,331 2002 2004 Expressway Commerce Center 2 — 1,013 3,247 1,161 1,013 4,408 5,421 2,627 2003 2001 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2022 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total Silo Bend Distribution Center — 4,131 27,497 6,048 4,132 33,544 37,676 11,720 2011 1987/90 Tampa East Distribution Center — 791 4,758 766 791 5,524 6,315 2,205 2011 1984 Tampa West Distribution Center — 2,139 8,502 1,942 2,140 10,443 12,583 3,690 2011 1975/93/94 Madison Distribution Center — 495 2,779 571 495 3,350 3,845 1,278 2012 2007 Madison Distribution Center 2 & 3 — 624 — 7,194 624 7,194 7,818 1,896 2012 2015 Madison Distribution Center 4 & 5 — 565 — 8,432 565 8,432 8,997 2,138 2012 2016 Grand Oaks 75 Business Center 1 — 3,572 12,979 297 3,572 13,276 16,848 1,668 2019 2017 Grand Oaks 75 Business Center 2 — 2,589 10,226 2,339 2,589 12,565 15,154 1,267 2019 2019 Grand Oaks 75 Business Center 3 — 1,767 — 9,877 1,770 9,874 11,644 328 2019 2021 Orlando Chancellor Center — 291 1,711 576 291 2,287 2,578 1,635 1996/97 1996/97 Exchange Distribution Center 1 — 603 2,414 2,524 603 4,938 5,541 3,913 1994 1975 Exchange Distribution Center 2 — 300 945 537 300 1,482 1,782 1,031 2002 1976 Exchange Distribution Center 3 — 320 997 450 320 1,447 1,767 1,049 2002 1980 Sunbelt Distribution Center — 1,472 5,745 6,884 1,472 12,629 14,101 10,122 1989/97/98 1974/87/97/98 John Young Commerce Center 1 — 497 2,444 1,795 497 4,239 4,736 2,849 1997/98 1997/98 John Young Commerce Center 2 — 512 3,613 688 512 4,301 4,813 3,129 1998 1999 Sunport Center 1 — 555 1,977 1,267 555 3,244 3,799 2,076 1999 1999 Sunport Center 2 — 597 3,271 2,288 597 5,559 6,156 4,172 1999 2001 Sunport Center 3 — 642 3,121 1,322 642 4,443 5,085 2,919 1999 2002 Sunport Center 4 — 642 2,917 2,353 642 5,270 5,912 3,368 1999 2004 Sunport Center 5 — 750 2,509 3,845 750 6,354 7,104 3,329 1999 2005 Sunport Center 6 — 672 — 3,781 672 3,781 4,453 1,918 1999 2006 Southridge Commerce Park 1 — 373 — 5,290 373 5,290 5,663 3,474 2003 2006 Southridge Commerce Park 2 — 342 — 4,816 342 4,816 5,158 2,729 2003 2007 Southridge Commerce Park 3 — 547 — 5,759 547 5,759 6,306 2,925 2003 2007 Southridge Commerce Park 4 — 506 — 4,984 506 4,984 5,490 2,512 2003 2006 Southridge Commerce Park 5 — 382 — 4,813 382 4,813 5,195 2,642 2003 2006 Southridge Commerce Park 6 — 571 — 6,211 571 6,211 6,782 2,739 2003 2007 Southridge Commerce Park 7 — 520 — 6,906 520 6,906 7,426 3,322 2003 2008 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2022 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total Southridge Commerce Park 8 — 531 — 6,734 531 6,734 7,265 2,699 2003 2008 Southridge Commerce Park 9 — 468 — 6,471 468 6,471 6,939 2,688 2003 2012 Southridge Commerce Park 10 — 414 — 4,885 414 4,885 5,299 1,533 2003 2012 Southridge Commerce Park 11 — 513 — 5,958 513 5,958 6,471 2,016 2003 2012 Southridge Commerce Park 12 — 2,025 — 17,324 2,025 17,324 19,349 6,944 2005 2008 Horizon Commerce Park 1 — 991 — 6,915 991 6,915 7,906 2,068 2008 2014 Horizon Commerce Park 2 — 1,111 — 7,749 1,111 7,749 8,860 2,206 2008 2014 Horizon Commerce Park 3 — 991 — 6,614 991 6,614 7,605 1,619 2008 2016 Horizon Commerce Park 4 — 1,097 — 8,613 1,097 8,613 9,710 2,320 2008 2015 Horizon Commerce Park 5 — 1,108 — 8,608 1,108 8,608 9,716 1,833 2008 2017 Horizon Commerce Park 6 — 1,099 — 11,214 1,099 11,214 12,313 1,673 2008 2019 Horizon Commerce Park 7 — 962 — 7,641 962 7,641 8,603 1,877 2008 2017 Horizon Commerce Park 8 & 9 — 1,590 — 16,628 1,590 16,628 18,218 1,727 2008 2019 Horizon Commerce Park 10 — 846 — 6,601 846 6,601 7,447 1,106 2009 2018 Horizon Commerce Park 11 — 1,101 — 9,877 1,101 9,877 10,978 1,267 2009 2019 Horizon Commerce Park 12 — 1,416 — 10,610 1,416 10,610 12,026 1,964 2009 2017 Horizon West 2 & 3 — 2,895 — 15,965 2,895 15,965 18,860 706 2020 2021 Horizon West 4 — 4,047 — 21,260 4,047 21,260 25,307 45 2020 2022 Jacksonville Deerwood Distribution Center — 1,147 1,799 6,763 1,147 8,562 9,709 4,860 1989 1978 Phillips Distribution Center — 1,375 2,961 5,307 1,375 8,268 9,643 6,384 1994 1984/95 Lake Pointe Business Park — 3,442 6,450 11,640 3,442 18,090 21,532 14,202 1993 1986/87 Ellis Distribution Center — 540 7,513 4,407 540 11,920 12,460 6,181 1997 1977 Westside Distribution Center — 2,011 15,374 10,286 2,011 25,660 27,671 16,113 1997/2008 1984/85 Beach Commerce Center — 476 1,899 965 476 2,864 3,340 1,782 2000 2000 Interstate Distribution Center — 1,879 5,700 2,412 1,879 8,112 9,991 5,289 2005 1990 Flagler Center — 7,317 14,912 1,307 7,317 16,219 23,536 3,436 2016 1997 & 2005 Ft. Lauderdale/Palm Beach area Linpro Commerce Center — 613 2,243 4,295 616 6,535 7,151 4,771 1996 1986 Lockhart Distribution Center — — 3,489 3,504 — 6,993 6,993 5,450 1997 1986 Interstate Commerce Center — 485 2,652 2,113 485 4,765 5,250 3,051 1998 1988 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2022 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total Executive Airport Distribution Ctr — 1,991 4,857 6,611 1,991 11,468 13,459 6,296 2001 2004/06 Sample 95 Business Park — 2,202 8,785 5,185 2,202 13,970 16,172 9,660 1996/98 1990/99 Blue Heron Distribution Center — 975 3,626 3,120 975 6,746 7,721 4,471 1999 1986 Blue Heron Distribution Center 2 — 1,385 4,222 2,228 1,385 6,450 7,835 3,828 2004 1988 Blue Heron Distribution Center 3 — 450 — 2,968 450 2,968 3,418 1,355 2004 2009 Weston Commerce Park — 4,163 9,951 1,893 4,163 11,844 16,007 2,257 2016 1998 Fort Myers SunCoast Commerce Center 1 — 911 — 4,850 928 4,833 5,761 2,241 2005 2008 SunCoast Commerce Center 2 — 911 — 5,046 928 5,029 5,957 2,495 2005 2007 SunCoast Commerce Center 3 — 1,720 — 6,737 1,763 6,694 8,457 3,029 2006 2008 SunCoast Commerce Center 4 — 1,733 — 7,611 1,762 7,582 9,344 1,613 2006 2017 SunCoast Commerce Center 5 — 1,511 — 6,737 1,594 6,654 8,248 1,135 2006 2019 SunCoast Commerce Center 6 — 1,537 — 7,080 1,594 7,023 8,617 872 2006 2019 SunCoast Commerce Center 7 — 1,533 — 7,094 1,533 7,094 8,627 406 2006 2020 SunCoast Commerce Center 8 — 1,533 — 6,789 1,533 6,789 8,322 789 2006 2020 SunCoast Commerce Center 12 — 785 — 7,549 785 7,549 8,334 22 2020 2022 Miami Gateway Commerce Park 1 — 5,746 — 17,737 5,746 17,737 23,483 2,929 2016 2018 Gateway Commerce Park 3 — 5,491 — 12,965 3,176 15,280 18,456 214 2016 2022 Gateway Commerce Park 4 — 4,711 — 19,378 4,711 19,378 24,089 1,012 2016 2020 Gateway Commerce Park 5 — 5,746 — 18,221 5,357 18,610 23,967 2,683 2016 2019 CALIFORNIA San Francisco area Wiegman Distribution Center 1 — 2,197 8,788 2,991 2,308 11,668 13,976 7,982 1996 1986/87 Wiegman Distribution Center 2 — 2,579 4,316 504 2,579 4,820 7,399 1,335 2012 1998 Huntwood Distribution Center — 3,842 15,368 4,305 3,842 19,673 23,515 13,768 1996 1988 San Clemente Distribution Center — 893 2,004 1,023 893 3,027 3,920 2,218 1997 1978 Yosemite Distribution Center — 259 7,058 1,898 731 8,484 9,215 5,717 1999 1974/87 6th Street Business Center — 1,438 9,513 12 1,444 9,519 10,963 149 2022 1966 Benicia Distribution Center 1 — 6,632 36,362 6 6,632 36,368 43,000 621 2022 2005 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2022 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total Benicia Distribution Center 2 — 7,027 36,679 101 7,027 36,780 43,807 623 2022 2001 Benicia Distribution Center 3 — 2,136 9,792 14 2,136 9,806 11,942 168 2022 1998 Benicia Distribution Center 4 — 3,191 12,993 — 3,191 12,993 16,184 254 2022 1979 Benicia Distribution Center 5 — 3,161 16,885 — 3,161 16,885 20,046 283 2022 2007 Ettie Business Center — 3,751 5,236 — 3,751 5,236 8,987 99 2022 1955 Laura Alice Business Center — 1,174 2,437 — 1,174 2,437 3,611 48 2022 2000 Preston Distribution Center — 7,261 33,833 2 7,261 33,835 41,096 554 2022 1998 Sinclair Distribution Center — 12,488 27,259 46 12,488 27,305 39,793 445 2022 1983 Transit Distribution Center — 21,317 10,635 2 21,317 10,637 31,954 209 2022 1971 Whipple Business Center — 17,984 15,344 54 17,984 15,398 33,382 266 2022 1986 Los Angeles area Eucalyptus Distribution Center — 11,392 11,498 934 11,392 12,432 23,824 1,722 2018 1988 Kingsview Industrial Center — 643 2,573 792 643 3,365 4,008 2,453 1996 1980 Dominguez Distribution Center — 2,006 8,025 4,124 2,006 12,149 14,155 7,242 1996 1977 Main Street Distribution Center — 1,606 4,103 1,280 1,606 5,383 6,989 3,399 1999 1999 Walnut Business Center — 2,885 5,274 2,830 2,885 8,104 10,989 5,836 1996 1966/90 Washington Distribution Center — 1,636 4,900 845 1,636 5,745 7,381 3,881 1997 1996/97 Chino Distribution Center — 2,544 10,175 2,131 2,544 12,306 14,850 9,949 1998 1980 Ramona Distribution Center 2,041 3,761 5,751 160 3,761 5,911 9,672 1,339 2014 1984 Industry Distribution Center 1 — 10,230 12,373 5,073 10,230 17,446 27,676 11,978 1998 1959 Industry Distribution Center 3 — — 3,012 (140) — 2,872 2,872 2,856 2007 1992 Chestnut Business Center — 1,674 3,465 496 1,674 3,961 5,635 2,448 1998 1999 Los Angeles Corporate Center — 1,363 5,453 4,487 1,363 9,940 11,303 7,129 1996 1986 Rancho Distribution Center — 16,180 11,140 803 16,180 11,943 28,123 870 2020 2006 Fresno Shaw Commerce Center — 2,465 11,627 8,312 2,465 19,939 22,404 14,225 1998 1978/81/87 San Diego Eastlake Distribution Center — 3,046 6,888 2,039 3,046 8,927 11,973 6,413 1997 1989 Miramar Land — 13,980 — 29 13,981 28 14,009 2 2019 n/a Ocean View Corporate Center — 6,577 7,105 1,923 6,577 9,028 15,605 4,118 2010 2005 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2022 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total Rocky Point Distribution Center 1 — 8,857 13,388 17 8,857 13,405 22,262 1,896 2019 2019 Rocky Point Distribution Center 2 — 7,623 11,614 1,423 7,623 13,037 20,660 989 2019 2019 Siempre Viva Distribution Center 1 — 4,628 9,211 368 4,628 9,579 14,207 1,192 2018 2003 Siempre Viva Distribution Center 2 — 2,868 5,694 125 2,877 5,810 8,687 606 2019 2002 Siempre Viva Distribution Center 3-6 — 31,815 100,861 570 31,815 101,431 133,246 3,498 2021 2001-2003 Speed Distribution Center — 15,282 — 57,147 15,114 57,315 72,429 1,370 2019 2022 Sacramento Cebrian Distribution Center — 2,360 13,488 5 2,360 13,493 15,853 250 2022 1975 Reed Distribution Center — 4,647 28,195 2 4,647 28,197 32,844 511 2022 1990 TEXAS Dallas and Fort Worth Allen Station 1 & 2 — 5,815 17,612 2,177 5,815 19,789 25,604 3,712 2018 2001 Arlington Tech Centre 1 & 2 — 2,510 10,096 3,323 2,515 13,414 15,929 1,250 2019 2019 Basswood 1 & 2 — 4,086 — 19,894 4,087 19,893 23,980 165 2019 2022 Interstate Warehouse 1 & 2 — 1,746 4,941 4,041 1,746 8,982 10,728 7,851 1988 1978 Interstate Warehouse 3 — 519 2,008 1,693 519 3,701 4,220 2,805 2000 1979 Interstate Warehouse 4 — 416 2,481 871 416 3,352 3,768 2,058 2004 2002 Interstate Warehouse 5, 6, & 7 — 1,824 4,106 2,805 1,824 6,911 8,735 4,496 2009 1979/80/81 LakePort 1-3 — 2,984 — 22,526 2,984 22,526 25,510 1,435 2018 2020 Logistics Center 6 & 7 — — 12,605 3,219 — 15,824 15,824 2,128 2019 2018 Venture Warehouses — 1,452 3,762 3,124 1,452 6,886 8,338 5,981 1988 1979 ParkView Commerce Center 1-3 — 2,663 — 19,109 2,663 19,109 21,772 4,845 2014 2015 Shady Trail Distribution Center — 635 3,621 1,408 635 5,029 5,664 3,194 2003 1998 Valwood Distribution Center — 4,361 34,405 4,946 4,361 39,351 43,712 14,474 2012 1986/87/97/98 Northfield Distribution Center — 12,470 50,713 8,555 12,471 59,267 71,738 21,088 2013 1999-2001/03/04/08 Parc North 1-4 — 4,615 26,358 6,427 4,615 32,785 37,400 7,964 2016 2016 Parc North 5 — 1,286 — 8,044 1,286 8,044 9,330 1,195 2016 2019 Parc North 6 — 1,233 — 9,537 1,233 9,537 10,770 1,182 2016 2019 CreekView 1 & 2 — 3,275 — 14,936 3,275 14,936 18,211 4,000 2015 2017 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2022 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total CreekView 3 & 4 — 2,600 — 13,551 2,600 13,551 16,151 2,904 2015 2018 CreekView 5 & 6 — 2,682 — 12,910 2,681 12,911 15,592 1,791 2016 2020 CreekView 7 & 8 — 2,640 — 15,290 2,640 15,290 17,930 1,655 2016 2020 CreekView 9 & 10 — 3,985 — 12,191 3,987 12,189 16,176 173 2020 2022 The Rock at Star Business Park — 5,296 27,223 295 5,296 27,518 32,814 3,386 2020 2019 DFW Global Logistics Centre — — 86,564 576 — 87,140 87,140 4,327 2021 2014/15 Houston World Houston Int’l Business Ctr 1 & 2 — 660 5,893 2,830 660 8,723 9,383 6,185 1998 1996 World Houston Int’l Business Ctr 3 & 4 — 820 5,130 1,230 707 6,473 7,180 4,112 1998 1998 World Houston Int’l Business Ctr 6 — 425 2,423 747 425 3,170 3,595 2,292 1998 1998 World Houston Int’l Business Ctr 7 & 8 — 680 4,584 5,584 680 10,168 10,848 7,175 1998 1998 World Houston Int’l Business Ctr 9 — 800 4,355 2,177 800 6,532 7,332 4,110 1998 1998 World Houston Int’l Business Ctr 10 — 933 4,779 914 933 5,693 6,626 3,588 2001 1999 World Houston Int’l Business Ctr 11 — 638 3,764 1,821 638 5,585 6,223 3,588 1999 1999 World Houston Int’l Business Ctr 12 — 340 2,419 393 340 2,812 3,152 1,916 2000 2002 World Houston Int’l Business Ctr 13 — 282 2,569 1,137 282 3,706 3,988 2,424 2000 2002 World Houston Int’l Business Ctr 14 — 722 2,629 1,614 722 4,243 4,965 2,725 2000 2003 World Houston Int’l Business Ctr 15 — 249 — 2,562 249 2,562 2,811 1,600 2000 2007 World Houston Int’l Business Ctr 16 — 519 4,248 2,070 519 6,318 6,837 3,771 2000 2005 World Houston Int’l Business Ctr 17 — 373 1,945 1,188 373 3,133 3,506 1,729 2000 2004 World Houston Int’l Business Ctr 19 — 373 2,256 1,331 373 3,587 3,960 2,329 2000 2004 World Houston Int’l Business Ctr 20 — 1,008 1,948 2,206 1,008 4,154 5,162 2,794 2000 2004 World Houston Int’l Business Ctr 21 — 436 — 4,158 436 4,158 4,594 2,228 2000/03 2006 World Houston Int’l Business Ctr 22 — 436 — 4,679 436 4,679 5,115 2,620 2000 2007 World Houston Int’l Business Ctr 23 — 910 — 7,758 910 7,758 8,668 4,001 2000 2007 World Houston Int’l Business Ctr 24 — 837 — 6,519 838 6,518 7,356 3,344 2005 2008 World Houston Int’l Business Ctr 25 — 508 — 4,601 508 4,601 5,109 2,304 2005 2008 World Houston Int’l Business Ctr 26 — 445 — 3,275 445 3,275 3,720 1,506 2005 2008 World Houston Int’l Business Ctr 27 — 837 — 5,206 838 5,205 6,043 2,834 2005 2008 World Houston Int’l Business Ctr 28 — 550 — 4,748 550 4,748 5,298 2,497 2005 2009 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2022 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total World Houston Int’l Business Ctr 29 — 782 — 4,191 974 3,999 4,973 1,791 2007 2009 World Houston Int’l Business Ctr 30 — 981 — 6,125 1,222 5,884 7,106 2,906 2007 2009 World Houston Int’l Business Ctr 31 — 684 — 4,310 684 4,310 4,994 2,128 2008 2011 World Houston Int’l Business Ctr 31B — 546 — 3,728 546 3,728 4,274 1,648 2008 2012 World Houston Int’l Business Ctr 32 — 1,225 — 5,663 1,526 5,362 6,888 2,039 2007 2012 World Houston Int’l Business Ctr 33 — 1,166 — 7,978 1,166 7,978 9,144 2,854 2011 2013 World Houston Int’l Business Ctr 34 — 439 — 3,457 439 3,457 3,896 1,237 2005 2012 World Houston Int’l Business Ctr 35 — 340 — 2,609 340 2,609 2,949 783 2005 2012 World Houston Int’l Business Ctr 36 — 684 — 5,078 684 5,078 5,762 1,872 2011 2013 World Houston Int’l Business Ctr 37 — 759 — 6,744 759 6,744 7,503 2,424 2011 2013 World Houston Int’l Business Ctr 38 — 1,053 — 7,881 1,053 7,881 8,934 2,763 2011 2013 World Houston Int’l Business Ctr 39 — 620 — 5,310 621 5,309 5,930 1,526 2011 2014 World Houston Int’l Business Ctr 40 — 1,072 — 9,426 1,072 9,426 10,498 2,636 2011 2014 World Houston Int’l Business Ctr 41 — 649 — 6,039 649 6,039 6,688 1,707 2011 2014 World Houston Int’l Business Ctr 42 — 571 — 4,814 571 4,814 5,385 1,225 2011 2015 World Houston Int’l Business Ctr 43 — 443 — 6,137 443 6,137 6,580 867 2011 2019 World Houston Int’l Business Ctr 44 — 653 — 8,558 653 8,558 9,211 664 2011 2020 World Houston Int’l Business Ctr 45 — 3,243 — 13,745 3,243 13,745 16,988 1,479 2015 2019 World Houston Int'l Business Ctr 47 — 2,798 — 14,465 2,798 14,465 17,263 62 2015 2022 Glenmont Business Park — 936 6,161 3,672 937 9,832 10,769 6,550 1998 1999/2000 Beltway Crossing Business Park 1 — 458 5,712 3,369 458 9,081 9,539 5,860 2002 2001 Beltway Crossing Business Park 2 — 415 — 3,243 415 3,243 3,658 1,679 2005 2007 Beltway Crossing Business Park 3 — 460 — 3,333 460 3,333 3,793 1,791 2005 2008 Beltway Crossing Business Park 4 — 460 — 3,344 460 3,344 3,804 1,744 2005 2008 Beltway Crossing Business Park 5 — 701 — 5,357 701 5,357 6,058 2,873 2005 2008 Beltway Crossing Business Park 6 — 618 — 6,440 618 6,440 7,058 2,812 2005 2008 Beltway Crossing Business Park 7 — 765 — 6,255 765 6,255 7,020 3,005 2005 2009 Beltway Crossing Business Park 8 — 721 — 5,759 721 5,759 6,480 2,719 2005 2011 Beltway Crossing Business Park 9 — 418 — 2,141 418 2,141 2,559 792 2007 2012 Beltway Crossing Business Park 10 — 733 — 4,163 733 4,163 4,896 1,456 2007 2012 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2022 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total Beltway Crossing Business Park 11 — 690 — 4,605 690 4,605 5,295 1,464 2007 2013 West Road Business Park 1 — 621 — 4,160 541 4,240 4,781 1,383 2012 2014 West Road Business Park 2 — 981 — 4,903 854 5,030 5,884 1,526 2012 2014 West Road Business Park 3 — 597 — 4,299 520 4,376 4,896 1,017 2012 2015 West Road Business Park 4 — 621 — 4,730 541 4,810 5,351 1,486 2012 2015 West Road Business Park 5 — 484 — 4,379 421 4,442 4,863 988 2012 2018 Ten West Crossing 1 — 566 — 3,042 566 3,042 3,608 1,160 2012 2013 Ten West Crossing 2 — 829 — 4,533 833 4,529 5,362 1,970 2012 2013 Ten West Crossing 3 — 609 — 4,565 613 4,561 5,174 1,699 2012 2013 Ten West Crossing 4 — 694 — 4,569 699 4,564 5,263 1,700 2012 2014 Ten West Crossing 5 — 933 — 5,991 940 5,984 6,924 1,954 2012 2014 Ten West Crossing 6 — 640 — 4,733 644 4,729 5,373 1,471 2012 2014 Ten West Crossing 7 — 584 — 5,388 589 5,383 5,972 1,708 2012 2015 Ten West Crossing 8 — 1,126 — 9,449 1,135 9,440 10,575 1,470 2012 2019 Northwest Crossing 1-3 — 5,665 — 20,367 5,665 20,367 26,032 1,195 2019 2020 El Paso Butterfield Trail — — 20,725 10,352 — 31,077 31,077 23,261 1997/2000 1987/95 Rojas Commerce Park — 900 3,659 4,006 900 7,665 8,565 6,092 1999 1986 Americas Ten Business Center 1 — 526 2,778 1,745 526 4,523 5,049 2,809 2001 2003 Americas Ten Business Center 2 — 2,516 — 11,887 2,518 11,885 14,403 135 2020 2022 San Antonio Alamo Downs Distribution Center — 1,342 6,338 2,535 1,342 8,873 10,215 5,434 2004 1986/2002 Arion Business Park 1-13, 15 — 4,143 31,432 11,348 4,143 42,780 46,923 24,362 2005 1988-2000/06 Arion Business Park 14 — 423 — 3,988 423 3,988 4,411 2,057 2005 2006 Arion Business Park 16 — 427 — 3,838 427 3,838 4,265 1,909 2005 2007 Arion Business Park 17 — 616 — 4,517 616 4,517 5,133 2,909 2005 2007 Arion Business Park 18 — 418 — 2,456 418 2,456 2,874 1,315 2005 2008 Wetmore Business Center 1-4 — 1,494 10,804 4,414 1,494 15,218 16,712 9,246 2005 1998/99 Wetmore Business Center 5 — 412 — 3,882 412 3,882 4,294 2,180 2006 2008 Wetmore Business Center 6 — 505 — 4,236 505 4,236 4,741 2,086 2006 2008 Wetmore Business Center 7 — 546 — 5,356 546 5,356 5,902 2,478 2006 2008 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2022 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total Wetmore Business Center 8 — 1,056 — 8,390 1,056 8,390 9,446 4,228 2006 2008 Fairgrounds Business Park — 1,644 8,209 2,933 1,644 11,142 12,786 6,537 2007 1985/86 Rittiman Distribution Center — 1,083 6,649 783 1,083 7,432 8,515 2,420 2011 2000 Thousand Oaks Distribution Center 1 — 607 — 5,684 607 5,684 6,291 2,054 2008 2012 Thousand Oaks Distribution Center 2 — 794 — 4,848 794 4,848 5,642 1,867 2008 2012 Thousand Oaks Distribution Center 3 — 772 — 4,714 772 4,714 5,486 1,795 2008 2013 Thousand Oaks Distribution Center 4 — 753 — 4,761 753 4,761 5,514 1,252 2013 2015 Alamo Ridge Business Park 1 — 623 — 8,531 623 8,531 9,154 3,145 2007 2015 Alamo Ridge Business Park 2 — 402 — 5,368 402 5,368 5,770 1,563 2007 2015 Alamo Ridge Business Park 3 — 907 — 10,144 907 10,144 11,051 2,146 2007 2017 Alamo Ridge Business Park 4 — 354 — 7,804 355 7,803 8,158 2,344 2007 2017 Eisenhauer Point Business Park 1 & 2 — 1,881 — 14,767 1,881 14,767 16,648 3,993 2015 2016 Eisenhauer Point Business Park 3 — 577 — 6,126 577 6,126 6,703 1,850 2015 2017 Eisenhauer Point Business Park 4 — 555 — 4,832 555 4,832 5,387 1,072 2015 2017 Eisenhauer Point Business Park 5 — 818 — 7,044 818 7,044 7,862 1,652 2015 2018 Eisenhauer Point Business Park 6 — 569 — 4,869 569 4,869 5,438 741 2015 2018 Eisenhauer Point Business Park 7 & 8 — 1,000 — 22,243 2,593 20,650 23,243 3,197 2016 2019 Eisenhauer Point Business Park 9 — 632 — 5,729 632 5,729 6,361 652 2016 2019 Tri-County Crossing 1 & 2 — 1,623 — 14,830 1,623 14,830 16,453 2,533 2017 2019 Tri-County Crossing 3 & 4 — 1,733 — 14,509 1,733 14,509 16,242 1,457 2017 2020 Tri-County Crossing 5 — 871 — 10,281 871 10,281 11,152 65 2017 2022 Tri-County Crossing 6 — 1,033 — 9,340 1,033 9,340 10,373 27 2017 2022 Ridgeview 1 & 2 — 2,004 — 18,788 2,004 18,788 20,792 1,719 2018 2020 Ridgeview 3 — 839 — 8,561 839 8,561 9,400 119 2018 2022 Austin 45 Crossing — 10,028 — 15,274 10,028 15,274 25,302 112 2021 2022 Colorado Crossing Distribution Center — 4,602 19,757 1,509 4,589 21,279 25,868 7,998 2014 2009 Greenhill Distribution Center — 802 3,273 392 802 3,665 4,467 614 2018 1999 Settlers Crossing 1 — 1,211 — 8,208 1,211 8,208 9,419 1,285 2017 2019 Settlers Crossing 2 — 1,306 — 7,554 1,306 7,554 8,860 1,437 2017 2019 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2022 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total Settlers Crossing 3 & 4 — 2,774 — 17,223 2,774 17,223 19,997 1,445 2017 2020 Southpark Corporate Center 3 & 4 — 2,670 14,756 1,960 2,670 16,716 19,386 5,538 2015 1995 Southpark Corporate Center 5-7 — 1,301 7,589 1,635 1,301 9,224 10,525 1,999 2017 1995 Springdale Business Center — 2,824 8,398 2,024 2,824 10,422 13,246 2,663 2015 2000 Texas Avenue — 4,143 — 18 4,143 18 4,161 — 2021 1983 Wells Point One — 907 4,904 953 907 5,857 6,764 921 2020 2001 ARIZONA Phoenix area Broadway Industrial Park 1 — 837 3,349 2,932 837 6,281 7,118 4,330 1996 1971 Broadway Industrial Park 2 — 455 482 383 455 865 1,320 592 1999 1971 Broadway Industrial Park 3 — 775 1,742 1,172 775 2,914 3,689 1,763 2000 1983 Broadway Industrial Park 4 — 380 1,652 1,163 380 2,815 3,195 1,927 2000 1986 Broadway Industrial Park 5 — 353 1,090 850 353 1,940 2,293 1,221 2002 1980 Broadway Industrial Park 6 — 599 1,855 974 599 2,829 3,428 1,978 2002 1979 Broadway Industrial Park 7 — 450 650 298 450 948 1,398 416 2011 1999 Kyrene Distribution Center — 1,490 4,453 2,214 1,490 6,667 8,157 4,793 1999 1981/2001 Falcon Field Business Center — 1,312 — 8,010 1,312 8,010 9,322 1,505 2015 2018 Southpark Distribution Center — 918 2,738 2,020 918 4,758 5,676 3,242 2001 2000 Southpark Distribution Center 2 — 1,785 6,882 1,523 1,785 8,405 10,190 429 2021 1995 Santan 10 Distribution Center 1 — 846 2,647 711 846 3,358 4,204 1,984 2001 2005 Santan 10 Distribution Center 2 — 1,088 — 5,502 1,088 5,502 6,590 2,905 2004 2007 Chandler Freeways — 1,525 — 7,509 1,525 7,509 9,034 2,448 2012 2013 Kyrene 202 Business Park 1 — 653 — 5,820 653 5,820 6,473 1,614 2011 2014 Kyrene 202 Business Park 2 — 387 — 3,414 387 3,414 3,801 957 2011 2014 Kyrene 202 Business Park 3, 4 & 5 — 1,244 — 11,878 1,244 11,878 13,122 2,082 2011 2018 Kyrene 202 Business Park 6 — 936 — 8,344 936 8,344 9,280 2,311 2011 2015 51st Avenue Distribution Center — 300 2,029 1,215 300 3,244 3,544 2,476 1998 1987 East University Distribution Center 1 & 2 — 1,120 4,482 2,111 1,120 6,593 7,713 5,412 1998 1987/89 East University Distribution Center 3 — 444 698 457 444 1,155 1,599 637 2010 1981 55th Avenue Distribution Center — 912 3,717 1,747 917 5,459 6,376 4,263 1998 1987 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2022 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total Interstate Commons Distribution Center 1 — 311 1,416 1,238 311 2,654 2,965 1,797 1999 1988 Interstate Commons Distribution Center 2 — 2,298 7,088 2,963 2,298 10,051 12,349 1,143 2019 1988/2001 Interstate Commons Distribution Center 3 — 242 — 3,251 242 3,251 3,493 1,473 2000 2008 Airport Commons Distribution Center — 1,000 1,510 1,957 1,000 3,467 4,467 2,568 2003 1971 40th Avenue Distribution Center — 703 — 6,402 703 6,402 7,105 2,847 2004 2008 Sky Harbor Business Park — 5,839 — 23,810 5,839 23,810 29,649 10,065 2006 2008 Sky Harbor Business Park 6 — 807 — 2,165 807 2,165 2,972 535 2014 2015 Ten Sky Harbor Business Center — 1,568 — 5,132 1,569 5,131 6,700 1,323 2015 2016 Gilbert Crossroads A & B — 2,825 — 14,145 2,825 14,145 16,970 1,640 2018 2020 Gilbert Crossroads C & D — 3,602 — 19,874 3,602 19,874 23,476 1,152 2018 2021 Mesa Gateway Commerce Center — 3,514 14,801 631 3,514 15,432 18,946 65 2022 2022 Tucson Country Club Commerce Center 1 — 506 3,564 4,553 693 7,930 8,623 4,362 1997/2003 1994/2003 Country Club Commerce Center 2 — 442 3,381 1,321 709 4,435 5,144 1,826 2007 2000 Country Club Commerce Center 3 & 4 — 1,407 — 12,309 1,575 12,141 13,716 5,871 2007 2009 Country Club Commerce Center 5 — 2,885 — 21,507 2,886 21,506 24,392 3,074 2016 2018 Airport Distribution Center — 1,403 4,672 1,782 1,403 6,454 7,857 4,573 1998/2000 1995 Benan Distribution Center — 707 1,842 757 707 2,599 3,306 1,719 2005 2001 NORTH CAROLINA Charlotte area NorthPark Business Park — 2,758 15,932 5,853 2,758 21,785 24,543 12,747 2006 1987-89 Lindbergh Business Park — 470 3,401 876 470 4,277 4,747 2,285 2007 2001/03 Commerce Park Center 1 — 765 4,303 1,125 765 5,428 6,193 2,881 2007 1983 Commerce Park Center 2 — 335 1,603 508 335 2,111 2,446 956 2010 1987 Commerce Park Center 3 — 558 2,225 1,210 558 3,435 3,993 1,641 2010 1981 Nations Ford Business Park — 3,924 16,171 6,285 3,924 22,456 26,380 12,508 2007 1989/94 Airport Commerce Center — 1,454 10,136 2,857 1,454 12,993 14,447 6,544 2008 2001/02 Airport Commerce Center 3 — 855 — 8,045 855 8,045 8,900 1,371 2008 2019 Interchange Park 1 — 986 7,949 772 986 8,721 9,707 3,889 2008 1989 Interchange Park 2 — 746 1,456 410 746 1,866 2,612 573 2013 2000 Ridge Creek Distribution Center 1 — 1,284 13,163 1,211 1,284 14,374 15,658 6,052 2008 2006 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2022 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total Ridge Creek Distribution Center 2 — 3,033 11,497 2,180 3,033 13,677 16,710 5,192 2011 2003 Ridge Creek Distribution Center 3 — 2,459 11,147 832 2,459 11,979 14,438 3,244 2014 2013 Lakeview Business Center — 1,392 5,068 1,460 1,392 6,528 7,920 2,501 2011 1996 Steele Creek 1 — 993 — 4,372 1,010 4,355 5,365 1,758 2013 2014 Steele Creek 2 — 941 — 4,779 957 4,763 5,720 1,711 2013 2014 Steele Creek 3 — 1,464 — 7,264 1,469 7,259 8,728 2,161 2013 2014 Steele Creek 4 — 684 — 4,059 687 4,056 4,743 1,376 2013 2015 Steele Creek 5 — 610 — 5,239 631 5,218 5,849 716 2013/14/15 2019 Steele Creek 6 — 867 — 7,164 919 7,112 8,031 1,742 2013/14 2016 Steele Creek 7 — 1,207 — 8,326 1,253 8,280 9,533 1,692 2013/14/15 2017 Steele Creek 8 — 544 — 7,747 673 7,618 8,291 110 2016/17 2022 Steele Creek 9 — 949 — 10,191 1,090 10,050 11,140 1,277 2016 2019 Steele Creek 10 — 1,221 — 10,386 1,509 10,098 11,607 395 2016 2021 Waterford Distribution Center — 654 3,392 1,026 654 4,418 5,072 2,000 2008 2000 SOUTH CAROLINA Greenville 385 Business Park — 1,308 10,822 529 1,308 11,351 12,659 1,583 2019 2019 Access Point 1 — 884 9,606 2,556 893 12,153 13,046 779 2021 2021 Access Point 2 — 1,010 9,604 1,722 1,012 11,324 12,336 367 2021 2021 GEORGIA Atlanta Shiloh 400 Business Center 1 & 2 — 3,092 14,216 2,574 3,064 16,818 19,882 4,162 2017 2008 Broadmoor Commerce Park 1 — 1,307 3,560 1,311 1,307 4,871 6,178 1,337 2017 1999 Broadmoor Commerce Park 2 — 519 — 7,409 519 7,409 7,928 1,128 2017 2018 Hurricane Shoals 1 & 2 — 4,284 12,449 4,193 4,284 16,642 20,926 3,406 2017 2017 |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of EastGroup Properties, Inc. (“EastGroup” or “the Company”), its wholly owned subsidiaries and the investee of any joint ventures in which the Company has a controlling interest. As of December 31, 2020, EastGroup held a controlling interest in two joint venture arrangements, 6.5 acres of land in San Diego, known by the Company as the Miramar land, and 41.6 acres of land in San Diego, known by the Company as the Otay Mesa land. During the year ended December 31, 2021, EastGroup began construction of Speed Distribution Center, a 519,000 square foot building on the Otay Mesa land, which was completed and transferred to the Company's operating portfolio during the first quarter of 2022. As of December 31, 2021, EastGroup had a 95% controlling interest in the Miramar land and a 99% controlling interest in Speed Distribution Center. During the three months ended December 31, 2022, EastGroup acquired the 1% noncontrolling interest in Speed Distribution Center; the Company continues to control and now owns 100% of the property. As of December 31, 2022, EastGroup held a controlling interest in one joint venture arrangement, a 95% controlling interest in the Miramar land. The Company records 100% of the assets, liabilities, revenues and expenses of the properties held in joint ventures with the noncontrolling interests provided for in accordance with the joint venture agreements. The equity method of accounting is used for the Company’s 50% undivided tenant-in-common interest in Industry Distribution Center II. All significant intercompany transactions and accounts have been eliminated in consolidation. |
Income Taxes | Income Taxes EastGroup, a Maryland corporation, has qualified as a real estate investment trust (“REIT”) under Sections 856-860 of the Internal Revenue Code and intends to continue to qualify as such. To maintain its status as a REIT, the Company is required to, among other things, distribute at least 90% of its ordinary taxable income to its stockholders. If the Company has a capital gain, it has the option of (i) deferring recognition of the capital gain through a tax-deferred exchange, (ii) declaring and paying a capital gain dividend on any recognized net capital gain resulting in no corporate level tax, or (iii) retaining and paying corporate income tax on its net long-term capital gain, with the shareholders reporting their proportional share of the undistributed long-term capital gain and receiving a credit or refund of their share of the tax paid by the Company. The Company distributed all of its 2022, 2021 and 2020 taxable income to its stockholders. Accordingly, no significant provisions for income taxes were necessary. The Company’s income tax treatment of share distributions is based on its taxable income, calculated in accordance with the Internal Revenue Code, which differs from U.S. generally accepted accounting principles (“GAAP”). The following table summarizes the federal income tax treatment for all distributions by the Company for the years ended 2022, 2021 and 2020. Federal Income Tax Treatment of Share Distributions Years Ended December 31, 2022 2021 2020 Common Share Distributions: (Per share) Ordinary dividends $ 4.53746 3.61656 3.32868 Nondividend distributions — — — Unrecaptured Section 1250 capital gain — — — Other capital gain — — — Total Common Share Distributions $ 4.53746 3.61656 3.32868 EastGroup applies the principles of Financial Accounting Standards Board “FASB” Accounting Standards Codification “ASC” 740, Income Taxes, when evaluating and accounting for uncertainty in income taxes. With few exceptions, the Company’s 2018 and earlier tax years are closed for examination by U.S. federal, state and local tax authorities. In accordance with the provisions of ASC 740, the Company had no significant uncertain tax positions as of December 31, 2022 and 2021. |
Income Recognition | Income RecognitionThe Company’s primary revenue is rental income from business distribution space. Minimum rental income from real estate operations is recognized on a straight-line basis. The straight-line rent calculation on leases includes the effects of rent concessions and scheduled rent increases, and the calculated straight-line rent income is recognized over the lives of the individual leases. The Company maintains allowances for doubtful accounts receivable, including straight-line rents receivable, based upon estimates determined by management. Management specifically analyzes aged receivables, customer credit-worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. Reserves for uncollectible accounts are recorded as a reduction to revenue. Revenue is recognized on payments received from tenants for early terminations after all criteria have been met in accordance with ASC 842, Leases. The Company’s primary revenue is rental income; as such, the Company is a lessor on a significant number of leases. The Company applies the principles of ASC 842, Leases. Initial direct costs (primarily legal costs related to lease negotiations) are expensed rather than capitalized. EastGroup recorded Indirect leasing costs of $546,000, $700,000 and $661,000 on the Consolidated Statements of Income and Comprehensive Income during the years ended December 31, 2022, 2021 and 2020, respectively. As permitted by ASC 842, Leases , EastGroup made an accounting policy election by class of underlying asset to not separate non-lease components (such as common area maintenance) of a contract from the lease component to which they relate when specific criteria are met. The Company believes its leases meet the criteria. The table below presents the components of Income from real estate operations for the years ended December 31, 2022, 2021 and 2020: Years Ended December 31, 2022 2021 2020 (In thousands) Lease income — operating leases $ 364,957 306,658 271,094 Variable lease income (1) 121,860 102,754 91,575 Income from real estate operations $ 486,817 409,412 362,669 (1) Primarily includes tenant reimbursements for real estate taxes, insurance and common area maintenance. Future Minimum Rental Receipts Under Non-Cancelable Leases The Company’s leases with its customers may include various provisions such as scheduled rent increases, renewal options and termination options. The majority of the Company’s leases include defined rent increases rather than variable payments based on an index or unknown rate. In calculating the disclosures presented below, the Company included the fixed, non-cancelable terms of the leases. The following schedule indicates approximate future minimum rental receipts under non-cancelable leases for real estate properties by year as of December 31, 2022: Years Ending December 31, (In thousands) 2023 $ 390,062 2024 355,906 2025 300,660 2026 237,066 2027 159,994 Thereafter 383,192 Total minimum receipts $ 1,826,880 The Company recognizes gains on sales of real estate in accordance with the principles set forth in the Codification. For each transaction, the Company evaluates whether the guidance in ASC 606, Revenue from Contracts with Customers, or ASC 610, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets, is applicable. Upon closing of real estate transactions, the provisions of the Codification require consideration of whether the seller has a controlling financial interest in the entity that holds the nonfinancial asset after the transaction. In addition, the seller evaluates whether a contract exists under ASC 606 and whether the counterparty obtained control of each nonfinancial asset that is sold. If a contract exists and the counterparty obtained control of each nonfinancial asset, the seller derecognizes the assets at the close of the transaction with resulting gains or losses reflected on the Consolidated Statements of Income and Comprehensive Income. |
Real Estate Properties | Real Estate PropertiesEastGroup has one reportable segment – industrial properties, consistent with the Company’s manner of internal reporting, measurement of operating results and allocation of the Company’s resources. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows (including estimated future expenditures necessary to substantially complete the asset) expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset. During the years ended December 31, 2022, 2021 and 2020, the Company did not identify any impairment charges which should be recorded. Depreciation of buildings and other improvements is computed using the straight-line method over estimated useful lives of generally 40 years for buildings and 3 to 15 years for improvements. Building improvements are capitalized, while maintenance and repair expenses are charged to expense as incurred. Significant renovations and improvements that improve or extend the useful life of the assets are capitalized. Depreciation expense was $125,199,000, $104,910,000 and $96,290,000 for 2022, 2021 and 2020, respectively. |
Development | Development and Value-Add Properties For development and value-add properties (defined in Note 2) acquired in the development stage, costs associated with development (i.e., land, construction costs, interest expense, property taxes and other direct and indirect costs associated with development) are aggregated into the total capitalized costs of the property. Included in these costs are management’s estimates for the portions of internal costs (primarily personnel costs) deemed related to such development activities. The internal costs are allocated to specific development projects based on development activity. As the property becomes occupied, depreciation commences on the occupied portion of the building, and costs are capitalized only for the portion of the building that remains vacant. The Company transfers properties from the development and value-add program to Real estate properties as follows: (i) for development properties, at the earlier of 90% occupancy or one year after completion of the shell construction, and (ii) for value-add properties, at the earlier of 90% occupancy or one year after acquisition. Upon the earlier of 90% occupancy or one year after completion/value-add acquisition date of the shell construction, capitalization of development costs, including interest expense, property taxes and internal personnel costs, ceases and depreciation commences on the entire property (excluding the land). |
Real Estate Held for Sale | Real Estate Held for Sale The Company considers a real estate property to be held for sale when it meets the criteria established under ASC 360, Property, Plant and Equipment, including when it is probable that the property will be sold within a year. Real estate properties held for sale are reported at the lower of the carrying amount or fair value less estimated costs to sell and are not depreciated while they are held for sale. The Company did not classify any properties as held for sale as of December 31, 2022. As of December 31, 2021, the Company owned one operating property that was classified as held for sale on the December 31, 2021 Consolidated Balance Sheet. As discussed in Note 2, the property was sold and a gain on the sale was recorded in the three months ended March 31, 2022. In accordance with ASC 360 and ASC 205, Presentation of Financial Statements, |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities EastGroup applies ASC 815, Derivatives and Hedging , which requires all entities with derivative instruments to disclose information regarding how and why the entity uses derivative instruments and how derivative instruments and related hedged items affect the entity’s financial position, financial performance and cash flows. See Note 12 for a discussion of the Company’s derivative instruments and hedging activities. |
Cash Equivalents | Cash EquivalentsThe Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. |
Amortization - debt origination costs | Debt origination costs are deferred and amortized over the term of each loan using the effective interest method. Amortization of debt issuance costs was $1,358,000, $1,296,000 and $1,418,000 for 2022, 2021 and 2020, respectively. Amortization of facility fees was $713,000, $751,000 and $790,000 for 2022, 2021 and 2020, respectively. |
Amortization - Leasing Costs | Leasing costs are deferred and amortized using the straight-line method over the term of the lease. Leasing costs amortization expense was $18,950,000, $16,209,000 and $14,449,000 for 2022, 2021 and 2020, respectively. |
Real Estate Property Acquisitions and Acquired Intangibles | Real Estate Property Acquisitions and Acquired Intangibles Upon acquisition of real estate properties, EastGroup applies the principles of ASC 805, Business Combinations. The FASB Codification provides a framework for determining whether transactions should be accounted for as acquisitions of assets or businesses. Under the guidance, companies are required to utilize an initial screening test to determine whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set is not a business. Criteria considered in grouping similar assets include geographic location, market and operational risks and the physical characteristics of the assets. EastGroup determined that its real estate property acquisitions in 2022, 2021 and 2020 are considered to be acquisitions of groups of similar identifiable assets; therefore, the acquisitions are not considered to be acquisitions of a business. As a result, the Company has capitalized acquisition costs related to its 2022, 2021 and 2020 acquisitions. The FASB Codification also provides guidance on how to properly determine the allocation of the purchase price among the individual components of both the tangible and intangible assets based on their relative fair values. The allocation to tangible assets (land, building and improvements) is based upon management’s determination of the value of the property as if it were vacant using discounted cash flow models. Land is valued using comparable land sales specific to the applicable market, provided by a third-party. The Company determines whether any financing assumed is above or below market based upon comparison to similar financing terms for similar properties. The cost of the properties acquired may be adjusted based on indebtedness assumed from the seller that is determined to be above or below market rates. The purchase price is also allocated among the following categories of intangible assets: the above or below market component of in-place leases, the value of in-place leases, and the value of customer relationships. The value allocable to the above or below market component of an acquired in-place lease is determined based upon the present value (using a discount rate reflecting the risks associated with the acquired leases) of the difference between (i) the contractual amounts to be paid pursuant to the lease over its remaining term, and (ii) management’s estimate of the amounts that would be paid using current market rents over the remaining term of the lease. The amounts allocated to above and below market lease intangibles are included in Other assets and Other liabilities , respectively, on the Consolidated Balance Sheets and are amortized to rental income over the remaining terms of the respective leases. The total amount of intangible assets is further allocated to in-place lease values and customer relationship values based upon management’s assessment of their respective values. Factors considered by management in the allocation include an estimate of foregone rents and avoided leasing costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. These intangible assets are included in Other assets on the Consolidated Balance Sheets and are amortized over the remaining term of the existing lease, or the anticipated life of the customer relationship, as applicable. Amortization of above and below market lease intangibles increased rental income by $2,565,000, $1,048,000 and $1,451,000 in 2022, 2021 and 2020, respectively. Amortization expense for in-place lease intangibles was $9,489,000, $5,980,000 and $5,620,000 for 2022, 2021 and 2020, respectively. Projected amortization of in-place lease intangibles for the next five years as of December 31, 2022 is as follows: Years Ending December 31, (In thousands) 2023 $ 7,353 2024 5,561 2025 4,343 2026 2,482 2027 652 EastGroup acquired real estate properties during 2022, 2021 and 2020 as discussed in Note 2. The following table summarizes the allocation of the total consideration for the acquired assets and assumed liabilities in connection with the real estate property acquisitions during the years ended December 31, 2022, 2021 and 2020. Costs Incurred During the Years Ended December 31, ACQUIRED ASSETS AND ASSUMED LIABILITIES 2022 2021 2020 (In thousands) Land $ 127,402 42,554 23,565 Buildings and building improvements 335,335 225,645 42,024 Tenant and other improvements 11,502 4,907 7,971 Right of use assets — Ground leases (operating) — 12,708 — Total real estate properties acquired 474,239 285,814 73,560 In-place lease intangibles (1) 11,871 9,949 3,257 Above market lease intangibles (1) — 6 104 Below market lease intangibles (2) (4,059) (3,836) (403) Operating lease liabilities — Ground leases (3) — (12,708) — Total assets acquired, net of liabilities assumed $ 482,051 279,225 76,518 (1) In-place lease intangibles and above market lease intangibles are each included in Other assets on the Consolidated Balance Sheets. These costs are amortized over the remaining lives of the associated leases in place at the time of acquisition. (2) Below market lease intangibles are included in Other liabilities on the Consolidated Balance Sheets. These costs are amortized over the remaining lives of the associated leases in place at the time of acquisition. (3) Operating lease liabilities - Ground leases are included in Other liabilities on the Consolidated Balance Sheets. The leases in the properties acquired during 2022, 2021 and 2020 had a weighted average remaining lease term at acquisition of approximately 3.9 years, 2.9 years, and 3.9 years, respectively. The Company periodically reviews the recoverability of goodwill (at least annually) and the recoverability of other intangibles (on a quarterly basis) for possible impairment. No impairment of goodwill and other intangibles existed during the years ended December 31, 2022, 2021 and 2020. |
Stock-Based Compensation | Stock-Based Compensation EastGroup applies the provisions of ASC 718, Compensation – Stock Compensation , to account for its stock-based compensation plans. ASC 718 requires that the compensation cost relating to share-based payment transactions be recognized in the financial statements and that the cost be measured on the fair value of the equity or liability instruments issued. The cost for market-based awards and awards that only require service are expensed on a straight-line basis over the requisite service periods. The cost for performance-based awards is determined using the graded vesting attribution method which recognizes each separate vesting portion of the award as a separate award on a straight-line basis over the requisite service period. This method accelerates the expensing of the award compared to the straight-line method. For awards with a performance condition, compensation expense is recognized when the performance condition is considered probable of achievement. The total compensation expense for service and performance based awards is based upon the fair market value of the shares on the grant date. The grant date fair value for awards that have been granted and are subject to a future market condition (total shareholder return) are determined using a Monte Carlo simulation pricing model developed to specifically accommodate the unique features of the awards. |
Earnings Per Share | Earnings Per Share The Company applies ASC 260, Earnings Per Share , which requires companies to present basic and diluted earnings per share (“EPS”). Basic EPS represents the amount of earnings for the period attributable to each share of common stock outstanding during the reporting period. The Company’s basic EPS is calculated by dividing Net Income Attributable to EastGroup Properties, Inc. Common Stockholders by the weighted average number of common shares outstanding. The weighted average number of common shares outstanding does not include any potentially dilutive securities or any unvested restricted shares of common stock. These unvested restricted shares, although classified as issued and outstanding, are considered forfeitable until the restrictions lapse and will not be included in the basic EPS calculation until the shares are vested. Diluted EPS represents the amount of earnings for the period attributable to each share of common stock outstanding during the reporting period and to each share that would have been outstanding assuming the issuance of common shares for all dilutive potential common shares outstanding during the reporting period. The Company calculates diluted EPS by dividing Net Income Attributable to EastGroup Properties, Inc. Common Stockholders by the weighted average number of common shares outstanding plus the dilutive effect of unvested restricted stock. The dilutive effect of unvested restricted stock is determined using the treasury stock method. |
Use of Estimates | Use of EstimatesThe preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses during the reporting period and to disclose material contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. |
Risks and Uncertainties [Policy Text Block] | Risks and Uncertainties The state of the overall economy can significantly impact the Company’s operational performance and thus impact its financial position. Should EastGroup experience a significant decline in operational performance, it may affect the Company’s ability to make distributions to its shareholders, service debt or meet other financial obligations. |
New Accounting Pronouncements, Policy | Recent Accounting Pronouncements EastGroup has evaluated all FASB Accounting Standards Updates ( “ASU” ) recently released by the FASB through the date the financial statements were issued and determined that the following ASUs apply to the Company. ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , applies to the Company. Also, in December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”) which was issued to defer the sunset date of Topic 848 to December 31, 2024. ASU 2022-06 is effective immediately for all companies. ASU 2022-06 had no impact on the Company’s consolidated financial statements for the year ended December 31, 2022. See Note 12 for further evaluation of these ASUs. |
Classification of Book Overdraft on Consolidated Statements of Cash Flows | Classification of Book Overdraft on Consolidated Statements of Cash Flows The Company classifies changes in book overdraft in which the bank has not advanced cash to the Company to cover outstanding checks as an operating activity. Such amounts are included in Accounts payable, accrued expenses and prepaid rent in the Operating Activities section on the Consolidated Statements of Cash Flows. |
Reclassifications | ReclassificationsCertain reclassifications have been made in the 2021 and 2020 consolidated financial statements to conform to the 2022 presentation. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Operating Lease, Lease Income [Table Text Block] | The table below presents the components of Income from real estate operations for the years ended December 31, 2022, 2021 and 2020: Years Ended December 31, 2022 2021 2020 (In thousands) Lease income — operating leases $ 364,957 306,658 271,094 Variable lease income (1) 121,860 102,754 91,575 Income from real estate operations $ 486,817 409,412 362,669 (1) Primarily includes tenant reimbursements for real estate taxes, insurance and common area maintenance. |
Future Minimum Rental Receipts Under Non-cancelable Leases [Table Text Block] | The following schedule indicates approximate future minimum rental receipts under non-cancelable leases for real estate properties by year as of December 31, 2022: Years Ending December 31, (In thousands) 2023 $ 390,062 2024 355,906 2025 300,660 2026 237,066 2027 159,994 Thereafter 383,192 Total minimum receipts $ 1,826,880 |
Federal Income Tax Treatment of Share Distributions | The following table summarizes the federal income tax treatment for all distributions by the Company for the years ended 2022, 2021 and 2020. Federal Income Tax Treatment of Share Distributions Years Ended December 31, 2022 2021 2020 Common Share Distributions: (Per share) Ordinary dividends $ 4.53746 3.61656 3.32868 Nondividend distributions — — — Unrecaptured Section 1250 capital gain — — — Other capital gain — — — Total Common Share Distributions $ 4.53746 3.61656 3.32868 |
Projected amortization of in-place lease intangibles for the next five years | Projected amortization of in-place lease intangibles for the next five years as of December 31, 2022 is as follows: Years Ending December 31, (In thousands) 2023 $ 7,353 2024 5,561 2025 4,343 2026 2,482 2027 652 |
Assets Acquired and Liabilities Assumed | The following table summarizes the allocation of the total consideration for the acquired assets and assumed liabilities in connection with the real estate property acquisitions during the years ended December 31, 2022, 2021 and 2020. Costs Incurred During the Years Ended December 31, ACQUIRED ASSETS AND ASSUMED LIABILITIES 2022 2021 2020 (In thousands) Land $ 127,402 42,554 23,565 Buildings and building improvements 335,335 225,645 42,024 Tenant and other improvements 11,502 4,907 7,971 Right of use assets — Ground leases (operating) — 12,708 — Total real estate properties acquired 474,239 285,814 73,560 In-place lease intangibles (1) 11,871 9,949 3,257 Above market lease intangibles (1) — 6 104 Below market lease intangibles (2) (4,059) (3,836) (403) Operating lease liabilities — Ground leases (3) — (12,708) — Total assets acquired, net of liabilities assumed $ 482,051 279,225 76,518 (1) In-place lease intangibles and above market lease intangibles are each included in Other assets on the Consolidated Balance Sheets. These costs are amortized over the remaining lives of the associated leases in place at the time of acquisition. (2) Below market lease intangibles are included in Other liabilities on the Consolidated Balance Sheets. These costs are amortized over the remaining lives of the associated leases in place at the time of acquisition. |
REAL ESTATE PROPERTIES (Tables)
REAL ESTATE PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Schedule of Real Estate Properties | The Company’s Real estate properties and Development and value-add properties at December 31, 2022 and 2021 were as follows: December 31, 2022 2021 (In thousands) Real estate properties: Land $ 730,445 544,505 Buildings and building improvements 3,012,319 2,408,944 Tenant and other improvements 633,817 570,627 Right of use assets — Ground leases (operating) (1) 19,391 22,635 Development and value-add properties (2) 538,449 504,614 4,934,421 4,051,325 Less accumulated depreciation (1,150,814) (1,035,617) $ 3,783,607 3,015,708 (1) See Ground Leases discussion below for information regarding the Company’s right of use assets for ground leases. |
Sales of real estate properties [Table] | A summary of Gain on sales of real estate investments for the years ended December 31, 2022, 2021 and 2020 follows: Real Estate Properties Location Size (Square Feet) Date Sold Net Sales Price Basis Recognized Gain (In thousands) 2022 Metro Business Park Phoenix, AZ 189,000 01/06/2022 $ 32,851 5,880 26,971 Cypress Creek Business Park (1) Fort Lauderdale, FL 56,000 03/31/2022 5,282 1,901 3,381 World Houston 15 East Houston, TX 42,000 05/11/2022 12,873 2,226 10,647 Total for 2022 $ 51,006 10,007 40,999 2021 Jetport Commerce Park Tampa, FL 284,000 11/09/2021 $ 44,260 5,401 38,859 2020 University Business Center 120 (2) Santa Barbara, CA 46,000 12/01/2020 $ 10,342 4,007 6,335 Central Green Houston, TX 80,000 12/23/2020 10,168 3,358 6,810 Total for 2020 $ 20,510 7,365 13,145 (1) Cypress Creek Business Park is located on a ground lease. In conjunction with the sale of the property, the Company fully amortized the associated right-of-use asset and liability of $1,745,000. (2) EastGroup owned 80% of University Business Center 120 through a joint venture partnership. EastGroup sold its 80% share of the joint venture, and the partnership was dissolved. The information shown for this transaction represents EastGroup’s 80% ownership. |
Development | DEVELOPMENT AND Costs Incurred Anticipated Building Conversion Date Costs Transferred in 2022 (1) For the Cumulative Projected Total Costs (2) (In thousands) (Unaudited) (Unaudited) (Unaudited) LEASE-UP Building Size (Square feet) Cypress Preserve 1 & 2, Houston, TX (3) 516,000 $ — 54,081 54,081 57,800 03/23 Grand West Crossing 1, Houston, TX 121,000 — 4,168 13,037 15,700 04/23 Zephyr, San Francisco, CA (3) 82,000 — 29,028 29,028 29,800 04/23 Access Point 3, Greenville, SC (3) 299,000 — 22,632 22,632 25,400 07/23 McKinney 3 & 4, Dallas, TX 212,000 — 13,714 24,152 27,000 07/23 Grand Oaks 75 4, Tampa, FL 185,000 — 9,637 16,015 17,900 09/23 Total Lease-Up 1,415,000 — 133,260 158,945 173,600 UNDER CONSTRUCTION SunCoast 11, Fort Myers, FL 79,000 1,524 7,651 9,175 9,900 04/23 Arlington Tech 3, Fort Worth, TX 77,000 1,980 6,420 8,400 10,300 02/24 Gateway 2, Miami, FL 133,000 8,049 10,139 18,188 23,700 02/24 Hillside 1, Greenville, SC 122,000 632 8,846 9,478 11,600 02/24 I-20 West Business Center, Atlanta, GA 155,000 — 10,175 13,139 15,500 02/24 LakePort 4 & 5, Dallas, TX 177,000 — 10,767 18,705 24,000 02/24 Horizon West 1, Orlando, FL 97,000 3,730 5,839 9,569 13,200 03/24 Steele Creek 11 & 12, Charlotte, NC 241,000 2,857 13,923 16,780 25,900 04/24 Springwood 1 & 2, Houston, TX 292,000 6,741 16,232 22,973 33,300 05/24 Stonefield 35 1-3, Austin, TX 274,000 10,279 6,040 16,319 35,300 06/24 SunCoast 10, Fort Myers, FL 100,000 1,624 1,344 2,968 13,600 06/24 Basswood 3-5, Fort Worth, TX 351,000 7,476 886 8,362 45,000 08/24 McKinney 1 & 2, Dallas, TX 172,000 4,261 2,240 6,501 27,300 08/24 Cass White 1 & 2, Atlanta, GA 296,000 3,534 1,795 5,329 31,900 10/24 Total Under Construction 2,566,000 52,687 102,297 165,886 320,500 Total Lease-Up and Under Construction 3,981,000 52,687 235,557 324,831 494,100 PROSPECTIVE DEVELOPMENT (PRIMARILY LAND) Estimated Building Size (Square feet) Phoenix, AZ 655,000 — 15,395 15,395 Sacramento, CA 82,000 — 3,130 3,130 San Francisco, CA 65,000 — 3,561 3,561 Fort Myers, FL 364,000 (3,148) 2,693 7,843 Miami, FL 510,000 (8,049) 18,035 24,317 Orlando, FL 1,053,000 (9,906) 8,338 24,670 Tampa, FL 32,000 — — 825 Atlanta, GA 1,490,000 (3,534) 13,189 14,713 Jackson, MS 28,000 — — 706 Charlotte, NC 1,146,000 (2,857) 1,475 13,722 Greenville, SC 476,000 (632) 5,353 6,457 Austin, TX 1,557,000 (10,279) 50,699 46,851 Dallas, TX — (4,261) 457 4,594 Fort Worth, TX 313,000 (9,456) 1,376 7,247 Houston, TX 1,536,000 (11,247) 17,110 30,696 San Antonio, TX 423,000 — 8,173 8,891 Total Prospective Development 9,730,000 (63,369) 148,984 213,618 Total Development and Value-Add Properties 13,711,000 $ (10,682) 384,541 538,449 The Development and Value-Add Properties table is continued on the following page. DEVELOPMENT AND VALUE-ADD PROPERTIES TRANSFERRED TO THE REAL ESTATE PROPERTIES PORTFOLIO DURING 2022 Costs Incurred Costs Transferred in 2022 (1) For the Cumulative as of 12/31/22 (4) (Unaudited) (In thousands) (Unaudited) Building Size (Square feet) Building Conversion Date Access Point 1, Greenville, SC (3) 156,000 $ — 7 12,529 01/22 Speed Distribution Center, San Diego, CA 519,000 — 2,884 70,702 03/22 Access Point 2, Greenville, SC (3) 159,000 — 601 12,232 05/22 Grand Oaks 75 3, Tampa, FL 136,000 — 1,205 11,397 06/22 Siempre Viva 3-6, San Diego, CA (3) 547,000 — 595 133,283 06/22 Steele Creek 8, Charlotte, NC 72,000 — 5,142 7,870 07/22 CreekView 9 & 10, Dallas, TX 145,000 — 4,210 15,546 08/22 Gateway 3, Miami, FL 133,000 — 4,903 18,069 08/22 Ridgeview 3, San Antonio, TX 88,000 — 3,513 9,317 08/22 Americas Ten 2, El Paso, TX 169,000 — 5,254 14,354 09/22 Horizon West 2 & 3, Orlando, FL 210,000 — 1,597 18,787 09/22 Mesa Gateway, Phoenix, AZ (3) 147,000 — 18,696 18,696 11/22 World Houston 47, Houston, TX 139,000 4,506 12,517 17,023 11/22 45 Crossing, Austin, TX 177,000 — 7,998 25,058 12/22 Basswood 1 & 2, Fort Worth, TX 237,000 — 7,237 22,466 12/22 Horizon West 4, Orlando, FL 295,000 6,176 18,201 24,377 12/22 SunCoast 12, Fort Myers, FL 79,000 — 3,928 8,106 12/22 Tri-County Crossing 5, San Antonio, TX 106,000 — 5,544 11,144 12/22 Tri-County Crossing 6, San Antonio, TX 124,000 — 6,591 10,373 12/22 Total Transferred to Real Estate Properties 3,638,000 $ 10,682 110,623 461,329 (1) Represents costs transferred from Prospective Development (primarily land) to Under Construction during the period. Negative amounts represent land inventory costs transferred to Under Construction. (2) Included in these costs are development obligations of $134.8 million and tenant improvement obligations of $15.0 million on properties under development. (3) Represents value-add acquisitions. (4) Represents cumulative costs at the date of transfer. |
Future Minimum Ground Lease Payments | The following schedule indicates approximate future minimum ground lease payments for these properties by year as of December 31, 2022: Future Minimum Ground Lease Payments as of December 31, 2022 Years Ending December 31, (In thousands) 2023 $ 1,519 2024 1,572 2025 1,606 2026 1,643 2027 1,643 Thereafter 53,758 Total minimum payments 61,741 Imputed interest (1) (41,835) Total ground lease liabilities $ 19,906 |
Real Estate Properties Acquired | A summary of real estate properties acquired for the years ended December 31, 2022, 2021 and 2020 follows: REAL ESTATE PROPERTIES ACQUIRED Location Size Date Acquired Cost (1) (Square feet) (In thousands) 2022 OPERATING PROPERTIES ACQUIRED (2) Cebrian Distribution Center and Reed Distribution Center (3) Sacramento, CA 329,000 06/01/2022 $ 49,726 6 th Street Business Center, Benicia Distribution Center 1-5, Ettie Business Center, Laura Alice Business Center, Preston Distribution Center, Sinclair Distribution Center, Transit Distribution Center and Whipple Business Center (3) San Francisco, CA 1,377,000 06/01/2022 309,404 Total operating property acquisitions 1,706,000 359,130 VALUE-ADD PROPERTIES ACQUIRED (4) Cypress Preserve 1 & 2 Houston, TX 516,000 03/28/2022 54,462 Zephyr Distribution Center San Francisco, CA 82,000 04/08/2022 29,017 Mesa Gateway Commerce Center Phoenix, AZ 147,000 04/15/2022 18,315 Access Point 3 Greenville, SC 299,000 07/12/2022 21,127 Total value-add property acquisitions 1,044,000 122,921 Total acquired assets in 2022 (5) 2,750,000 $ 482,051 2021 OPERATING PROPERTIES ACQUIRED (2) Southpark Distribution Center 2 Phoenix, AZ 79,000 06/10/2021 $ 9,177 DFW Global Logistics Centre Dallas, TX 611,000 08/26/2021 89,829 Progress Center 3 Atlanta, GA 50,000 09/23/2021 5,000 Texas Avenue Austin, TX 20,000 10/15/2021 4,143 Total operating property acquisitions 760,000 108,149 VALUE-ADD PROPERTIES ACQUIRED (4) Access Point 1 Greenville, SC 156,000 01/15/2021 10,501 Northpoint 200 Atlanta, GA 79,000 01/21/2021 6,516 Access Point 2 Greenville, SC 159,000 05/19/2021 10,743 Cherokee 75 Business Center 2 Atlanta, GA 105,000 06/17/2021 8,837 Siempre Viva Distribution Center 3-6 San Diego, CA 547,000 12/01/2021 134,479 Total value-add property acquisitions 1,046,000 171,076 Total acquired assets in 2021 (5) 1,806,000 $ 279,225 2020 OPERATING PROPERTIES ACQUIRED (2) Wells Point One Austin, TX 50,000 02/28/2020 $ 6,231 Cherokee 75 Business Center 1 Atlanta, GA 85,000 12/15/2020 8,323 The Rock at Star Business Park Dallas, TX 212,000 12/17/2020 34,102 Total operating property acquisitions 347,000 48,656 VALUE-ADD PROPERTIES ACQUIRED (4) Rancho Distribution Center Los Angeles, CA 162,000 10/15/2020 27,862 Total acquired assets in 2020 (5) 509,000 $ 76,518 (1) Cost is calculated in accordance with FASB ASC 805, Business Combinations, and represents the sum of the purchase price, closing costs and capitalized acquisition costs. (2) Operating properties are defined as stabilized real estate properties (land including buildings and improvements) in the Company’s operating portfolio; included in Real estate properties on the Consolidated Balance Sheets. (3) The Company acquired these operating properties along with two land parcels, also in Sacramento, CA and San Francisco, CA, in connection with its acquisition of Tulloch Corporation in June 2022. Size and cost are presented on an aggregate basis for the properties located in Sacramento, CA and San Francisco, CA, respectively. In consideration for this acquisition, the Company assumed a $60,000,000 loan and issued 1,868,809 shares of the Company’s common stock. The acquisition date fair value of the loan assumed was $60,000,000, and the acquisition date fair value of the common shares, which was based on the closing share price on the acquisition date, was $303,756,000. (4) Value-add properties are defined in Note 2. (5) Excludes acquired development land as detailed below. |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Assets [Abstract] | |
Other Assets | A summary of the Company’s Other assets follows: December 31, 2022 2021 (In thousands) Leasing costs (principally commissions) $ 140,273 116,772 Accumulated amortization of leasing costs (48,249) (42,193) Leasing costs (principally commissions), net of accumulated amortization 92,024 74,579 Acquired in-place lease intangibles 37,181 31,561 Accumulated amortization of acquired in-place lease intangibles (16,276) (13,038) Acquired in-place lease intangibles, net of accumulated amortization 20,905 18,523 Acquired above market lease intangibles 496 885 Accumulated amortization of acquired above market lease intangibles (251) (508) Acquired above market lease intangibles, net of accumulated amortization 245 377 Straight-line rents receivable 61,452 51,970 Accounts receivable 9,568 7,133 Interest rate swap assets 38,352 2,237 Right of use assets - Office leases (operating) 2,050 1,984 Escrow deposits and prepaid costs for pending transactions 2,522 3,864 Goodwill 990 990 Prepaid insurance 2,681 7,793 Receivable for tenant improvement cost reimbursements 364 7,680 Prepaid expenses and other assets 13,791 5,090 Total Other assets $ 244,944 182,220 |
UNSECURED AND SECURED DEBT (Tab
UNSECURED AND SECURED DEBT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt instruments | December 31, 2022 2021 (In thousands) Unsecured bank credit facilities - variable rate, carrying amount $ 170,000 209,210 Unamortized debt issuance costs (1,546) (2,144) Unsecured bank credit facilities, net of debt issuance costs 168,454 207,066 Unsecured debt - fixed rate, carrying amount (1) 1,695,000 1,245,000 Unamortized debt issuance costs (3,741) (2,430) Unsecured debt, net of debt issuance costs 1,691,259 1,242,570 Secured debt - fixed rate, carrying amount (1) 2,041 2,156 Unamortized debt issuance costs (10) (14) Secured debt, net of debt issuance costs 2,031 2,142 Total debt, net of debt issuance costs $ 1,861,744 1,451,778 (1) These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps. |
Schedule of unsecured debt | A summary of the carrying amount of Unsecured debt follows: Balance at December 31, Margin Interest Rate Maturity Date 2022 2021 (In thousands) $75 Million Unsecured Term Loan (1) 1.40% 3.03% 02/28/2022 $ — 75,000 $65 Million Unsecured Term Loan (1) 1.10% 2.31% 04/01/2023 65,000 65,000 $70 Million Senior Unsecured Notes: $50 Million Notes Not applicable 3.80% 08/28/2023 50,000 50,000 $20 Million Notes Not applicable 3.80% 08/28/2025 20,000 20,000 $60 Million Senior Unsecured Notes Not applicable 3.46% 12/13/2024 60,000 60,000 $100 Million Senior Unsecured Notes: $60 Million Notes Not applicable 3.48% 12/15/2024 60,000 60,000 $40 Million Notes Not applicable 3.75% 12/15/2026 40,000 40,000 $25 Million Senior Unsecured Notes Not applicable 3.97% 10/01/2025 25,000 25,000 $50 Million Senior Unsecured Notes Not applicable 3.99% 10/07/2025 50,000 50,000 $60 Million Senior Unsecured Notes Not applicable 3.93% 04/10/2028 60,000 60,000 $80 Million Senior Unsecured Notes Not applicable 4.27% 03/28/2029 80,000 80,000 $35 Million Senior Unsecured Notes Not applicable 3.54% 08/15/2031 35,000 35,000 $75 Million Senior Unsecured Notes Not applicable 3.47% 08/19/2029 75,000 75,000 $100 Million Unsecured Term Loan (2) (3) 0.95% 2.10% 10/10/2026 100,000 100,000 $100 Million Unsecured Term Loan (2) (4) 0.95% 1.80% 03/25/2027 100,000 100,000 $100 Million Senior Unsecured Notes Not applicable 2.61% 10/14/2030 100,000 100,000 $75 Million Senior Unsecured Notes Not applicable 2.71% 10/14/2032 75,000 75,000 $50 Million Unsecured Term Loan (2) (5) 1.10% 1.58% 03/18/2025 50,000 50,000 $125 Million Senior Unsecured Notes Not applicable 2.74% 06/10/2031 125,000 125,000 $100 Million Unsecured Term Loan (2) 1.40% 3.06% 09/29/2028 100,000 — $150 Million Senior Unsecured Notes Not applicable 3.03% 04/20/2032 150,000 — $125 Million Unsecured Term Loans (2) : $50 Million Loan 0.95% 4.09% 08/30/2024 50,000 — $75 Million Loan 0.95% 4.00% 08/31/2027 75,000 — $150 Million Senior Unsecured Notes: $75 Million Notes Not applicable 4.90% 10/12/2033 75,000 — $75 Million Notes Not applicable 4.95% 10/12/2034 75,000 — $ 1,695,000 1,245,000 (1) The interest rates on these unsecured term loans are comprised of LIBOR plus a margin which is subject to a pricing grid for changes in the Company’s coverage ratings. The Company entered into interest rate swap agreements (further described in Note 12) to convert the loans’ LIBOR rates to effectively fixed interest rates. The interest rates in the table above are the effectively fixed interest rates for the loans, including the effects of the interest rate swaps, as of December 31, 2022. (2) The interest rates on these unsecured term loans are comprised of Term Secured Overnight Financing Rate ( “ SOFR ” ) plus a margin which is subject to a pricing grid for changes in the Company’s coverage ratings. The Company entered into interest rate swap agreements (further described in Note 12) to convert the loans’ Term SOFR rates to effectively fixed interest rates. The interest rates in the table above are the effectively fixed interest rates for the loans, including the effects of the interest rate swaps, as of December 31, 2022. (3) This term loan was refinanced effective October 10, 2021. The margin above LIBOR was reduced by 65 basis points, changing the effectively fixed rate from 2.75% to 2.10%. Also, effective August 31, 2022, the loan was amended to replace LIBOR with Term SOFR. (4) This term loan was amended and refinanced effective March 25, 2022. The margin was reduced by approximately 60 basis points, changing the effectively fixed rate from 2.39% to 1.80%, and LIBOR was replaced with Term SOFR. (5) This term loan was amended effective December 19, 2022 to replace LIBOR with Term SOFR. |
Schedule of secured debt | A summary of the carrying amount of Secured debt follows: Interest Rate Monthly Maturity Carrying Amount Balance at December 31, Property 2022 2021 (In thousands) Ramona Distribution Center 3.85% $ 16,287 11/30/2026 $ 8,333 2,041 2,156 |
Principal payments due during the next five years | Scheduled principal payments on long-term debt, including Unsecured debt, net of debt issuance costs and Secured debt, net of debt issuance costs (not including Unsecured bank credit facilities, net of debt issuance costs ), as of December 31, 2022 are as follows: Years Ending December 31, (In thousands) 2023 $ 115,119 2024 170,122 2025 145,128 2026 141,672 2027 175,000 |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Summary of Accounts Payable and Accrued Expenses | A summary of the Company’s Accounts payable and accrued expenses follows: December 31, 2022 2021 (In thousands) Property taxes payable $ 6,823 4,494 Development costs payable 21,305 17,529 Retainage payable 11,011 10,576 Real estate improvements and capitalized leasing costs payable 5,182 5,798 Interest payable 9,597 6,547 Dividends payable 55,952 46,864 Book overdraft (1) 13,370 4,845 Other payables and accrued expenses 13,748 13,107 Total Accounts payable and accrued expenses $ 136,988 109,760 (1) Represents checks written before the end of the period which have not cleared the bank; therefore, the bank has not yet advanced cash to the Company. When the checks clear the bank, they will be funded through the Company’s working cash line of credit, which is included in the Company’s Unsecured bank credit facilities. See Note 1(p). |
OTHER LIABILITIES (Tables)
OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Summary of other liabilities | A summary of the Company’s Other liabilities follows: December 31, 2022 2021 (In thousands) Security deposits $ 34,272 28,343 Prepaid rent and other deferred income 17,004 16,401 Operating lease liabilities — Ground leases 19,906 22,898 Operating lease liabilities — Office leases 2,139 2,032 Acquired below-market lease intangibles 10,735 8,124 Accumulated amortization of acquired below-market lease intangibles (3,957) (2,707) Acquired below-market lease intangibles, net of accumulated amortization 6,778 5,417 Interest rate swap liabilities 1,981 935 Tenant improvement cost liabilities 1,570 2,796 Other liabilities 16 3,516 Total Other liabilities $ 83,666 82,338 |
COMMON STOCK ACTIVITY (Tables)
COMMON STOCK ACTIVITY (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Common Stock Activity | The following table presents the common stock activity for the three years ended December 31, 2022: Years Ended December 31, 2022 2021 2020 Common Stock (in shares) Shares outstanding at beginning of year 41,268,846 39,676,828 38,925,953 Common stock offerings 393,406 1,551,181 709,924 Common stock issued in the purchase of real estate 1,868,809 — — Incentive restricted stock granted 71,217 66,623 69,446 Incentive restricted stock forfeited — — (440) Director common stock awarded 161 4,466 8,182 Director restricted stock granted 5,696 — 208 Employee common stock awarded 2,425 — — Stock withheld for tax obligations (35,021) (30,252) (36,445) Shares outstanding at end of year 43,575,539 41,268,846 39,676,828 |
Common Stock Issuances Table [Table Text Block] | The following table presents the common stock issuance activity pursuant to the Company's prior ATM program for the three years ended December 31, 2022: Years Ended December 31, Number of Shares of Net Proceeds (In thousands) 2022 393,406 $ 75,375 2021 1,551,181 271,155 2020 709,924 92,663 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Restricted Stock Activity | Restricted Stock Activity: Years Ended December 31, 2022 2021 2020 Shares Weighted Average Shares Weighted Average Shares Weighted Average Unvested at beginning of year 106,056 $ 116.37 113,125 $ 100.86 130,884 $ 82.78 Granted (1) (2) 71,217 121.52 66,623 115.30 69,446 101.19 Forfeited — — — — (440) 112.14 Vested (80,565) 102.42 (73,692) 91.59 (86,765) 73.80 Unvested at end of year 96,708 131.79 106,056 116.37 113,125 100.86 (1) Includes shares granted in prior years for which performance conditions have been satisfied and the number of shares have been determined. (2) Does not include the restricted shares that may be earned if the performance goals established in 2020 and 2021 for long-term performance and in 2022 for annual and long-term performance are achieved. Depending on the actual level of achievement of the goals at the end of the open performance periods, the number of shares earned could range from zero to 105,485. |
Restricted Stock Non-vested Awards By Expected Vesting Period | Following is a vesting schedule of the total unvested shares for employees as of December 31, 2022: Unvested Shares Vesting Schedule Number of Shares 2023 51,937 2024 27,034 2025 9,951 2026 5,541 2027 2,245 Total Unvested Shares 96,708 |
Restriced Stock Activity - Directors | Following is a summary of the total restricted shares granted, forfeited and delivered (vested) to directors with the related weighted average grant date fair value share prices for 2022, 2021 and 2020. As of the vesting dates, the fair value of shares that vested during 2022, 2021 and 2020 was $8,000, $21,000 and $9,000, respectively. Restricted Stock Activity: Years Ended December 31, 2022 2021 2020 Shares Weighted Average Shares Weighted Average Shares Weighted Average Unvested at beginning of year 156 $ 120.39 278 $ 112.45 140 $ 88.86 Granted 5,696 159.00 — — 208 120.39 Forfeited — — — — — — Vested (52) 120.39 (122) 102.30 (70) 88.86 Unvested at end of year 5,800 158.31 156 120.39 278 112.45 |
Fair value assumptions used in long-term compensation awards | The following table summarizes the assumptions used in the Monte Carlo simulation pricing model used to determine the grant date fair value of the multi-year market conditions component of the long-term compensation awards for 2022, 2021 and 2020: 2022 Award 2021 Award 2020 Award Valuation date 3/3/2022 2/25/2021 3/6/2020 Risk-free interest rate 1.64 % 0.39 % 0.62 % Expected share price volatility for the Company 30.01 % 30.51 % 16.72 % Expected share price volatility for peer group companies - low end of range 26.32 % 26.87 % 14.40 % Expected share price volatility for peer group companies - high end of range 50.10 % 54.25 % 49.23 % Expected dividend yield 2.27 % 2.27 % 2.28 % Number of simulation paths 1,000,000 1,000,000 1,000,000 Grant date fair value (in thousands) $ 2,912 2,941 2,037 |
Schedule of shared based compensation, service component of award, activity | The following table presents the service only component of the long-term compensation awards for the four years ended December 31, 2022: 2022 Award 2021 Award 2020 Award 2019 Award Grant date 3/3/2022 2/25/2021 3/6/2020 3/7/2019 Shares granted 5,830 7,801 7,217 9,947 Grant date share price $ 193.54 138.93 131.36 105.97 |
Long-term compensation awards with a total shareholder return component | The following table presents the total shareholder return component of the long-term compensation awards for the four years ended December 31, 2022: 2022 Award 2021 Award 2020 Award 2019 Award Grant date 3/3/2022 2/25/2021 3/6/2020 3/7/2019 Performance period 1/1/22 - 12/31/24 1/1/21 - 12/31/23 1/1/20 - 12/31/22 1/1/19 - 12/31/21 Range of earnable shares - low end of range — — — — Range of earnable shares - high end of range 27,212 36,400 25,261 33,442 Shares determined N/A (1) N/A (1) N/A (1) 30,990 (1) The performance conditions for this award have not yet been satisfied and the number of shares have not yet been determined. |
Annual equity compensation awards based on company performance measures | The following table presents the Company performance measures component of the annual equity compensation awards for the three years ended December 31, 2022: 2022 Award 2021 Award 2020 Award Grant date 3/3/2022 2/25/2021 3/6/2020 Performance period 1/1/22 - 12/31/22 1/1/21 - 12/31/21 1/1/20 - 12/31/20 Range of earnable shares - low end of range — — — Range of earnable shares - high end of range 13,289 19,052 19,282 Shares determined N/A (1) 18,798 18,380 Grant date share price $ 193.54 138.93 131.36 (1) The performance conditions for this award have not yet been satisfied and the number of shares have not yet been determined. |
Individual performance for annual equity compensation awards | The following table presents the individual performance goals component of the annual equity compensation awards for the three years ended December 31, 2022: 2022 Award 2021 Award 2020 Award Grant date N/A (1) 2/16/2022 2/17/2021 Performance period 1/1/22 - 12/31/22 1/1/21 - 12/31/21 1/1/20 - 12/31/20 Range of earnable shares - low end of range — — — Range of earnable shares - high end of range 3,323 4,756 4,812 Shares determined N/A (1) 4,374 4,156 Grant date share price N/A (1) $ 190.89 142.89 (1) The performance conditions for this award have not yet been satisfied and the grant date and number of shares have not yet been determined. |
Schedule of share based compensation, non executive officers, activity | The following table presents the compensation awards to non-executive officers for the three years ended December 31, 2022: 2022 Award 2021 Award 2020 Award Grant date 6/20/2022 7/7/2021 5/6/2020 Shares granted 11,225 9,200 12,300 Grant date share price $ 148.48 168.35 105.30 |
COMPREHENSIVE INCOME (Tables)
COMPREHENSIVE INCOME (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | The components of Accumulated other comprehensive income (loss) for 2022, 2021 and 2020 are presented in the Company’s Consolidated Statements of Changes in Equity and are summarized below. See Note 12 for information regarding the Company’s interest rate swaps. Years Ended December 31, 2022 2021 2020 ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS): (In thousands) Balance at beginning of year $ 1,302 (10,752) 2,807 Other comprehensive income (loss) - interest rate swaps 35,069 12,054 (13,559) Balance at end of year $ 36,371 1,302 (10,752) |
DERIVATIVE INSTRUMENTS AND HE_2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Derivatives [Table Text Block] | As of December 31, 2022 and 2021, the Company had the following outstanding interest rate derivatives that are designated as cash flow hedges of interest rate risk: Interest Rate Derivative Notional Amount as of December 31, 2022 Notional Amount as of December 31, 2021 (In thousands) Interest Rate Swap — $75,000 Interest Rate Swap $65,000 $65,000 Interest Rate Swap $100,000 $100,000 Interest Rate Swap $100,000 $100,000 Interest Rate Swap $50,000 $50,000 Interest Rate Swap $100,000 — Interest Rate Swap $75,000 — Interest Rate Swap $50,000 — Interest Rate Swap $100,000 — |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2022 and 2021. See Note 16 for additional information on the fair value of the Company’s interest rate swaps. Derivatives As of December 31, 2022 Derivatives As of December 31, 2021 Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In thousands) Derivatives designated as cash flow hedges: Interest rate swap assets Other assets $ 38,352 Other assets $ 2,237 Interest rate swap liabilities Other liabilities 1,981 Other liabilities 935 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2022, 2021 and 2020: Years Ended December 31, 2022 2021 2020 (In thousands) DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS Interest Rate Swaps: Amount of income (loss) recognized in Other comprehensive income (loss) on derivatives $ 37,563 7,747 (17,364) Amount of (income) loss reclassified from Accumulated other comprehensive income (loss) into Interest expense (2,494) 4,307 3,805 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Reconciliation of the numerators and denominators in the basic and diluted EPS computations is as follows: 2022 2021 2020 (In thousands) BASIC EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO Numerator – net income attributable to common stockholders $ 186,182 157,557 108,363 Denominator – weighted average shares outstanding 42,599 40,255 39,185 DILUTED EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE Numerator – net income attributable to common stockholders $ 186,182 157,557 108,363 Denominator: Weighted average shares outstanding 42,599 40,255 39,185 Unvested restricted stock 113 122 111 Diluted weighted average shares outstanding 42,712 40,377 39,296 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Carrying amounts and fair value of financial instruments | The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments in accordance with ASC 820 at December 31, 2022 and 2021. December 31, 2022 2021 Carrying Amount (1) Fair Carrying Amount (1) Fair (In thousands) Financial Assets: Cash and cash equivalents $ 56 56 4,393 4,393 Interest rate swap assets 38,352 38,352 2,237 2,237 Financial Liabilities: Unsecured bank credit facilities - variable rate (2) 170,000 169,684 209,210 209,202 Unsecured debt (2) 1,695,000 1,548,221 1,245,000 1,267,702 Secured debt (2) 2,041 1,918 2,156 2,269 Interest rate swap liabilities 1,981 1,981 935 935 (1) Carrying amounts shown in the table are included in the Consolidated Balance Sheets under the indicated captions, except as indicated in the notes below. (2) Carrying amounts and fair values shown in the table exclude debt issuance costs (see Notes 5 and 6 for additional information). The following methods and assumptions were used to estimate the fair value of each class of financial instruments: Cash and cash equivalents: The carrying amounts approximate fair value due to the short maturity of those instruments. Interest rate swap assets (included in Other assets on the Consolidated Balance Sheets): The instruments are recorded at fair value based on models using inputs, such as interest rate yield curves, and LIBOR or SOFR swap curves, observable for substantially the full term of the contract (Level 2 input). See Note 12 for additional information on the Company’s interest rate swaps. Unsecured bank credit facilities: The fair value of the Company’s unsecured bank credit facilities is estimated by discounting expected cash flows at current market rates (Level 2 input), excluding the effects of debt issuance costs. Unsecured debt: The fair value of the Company’s unsecured debt is estimated by discounting expected cash flows at the rates currently offered to the Company for debt of the same remaining maturities, as advised by the Company’s bankers (Level 2 input), excluding the effects of debt issuance costs. Secured debt: The fair value of the Company’s secured debt is estimated by discounting expected cash flows at the rates currently offered to the Company for debt of the same remaining maturities, as advised by the Company’s bankers (Level 2 input), excluding the effects of debt issuance costs. Interest rate swap liabilities (included in Other liabilities on the Consolidated Balance Sheets): The instruments are recorded at fair value based on models using inputs, such as interest rate yield curves, and LIBOR or SOFR swap curves, observable for substantially the full term of the contract (Level 2 input). See Note 12 for additional information on the Company’s interest rate swaps. |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES (Details) | Dec. 31, 2022 ft² Integer | Dec. 31, 2021 ft² | Dec. 31, 2020 a Integer |
Controlling interest joint ventures & equity method investees | |||
Percentage of assets, liabilities, revenues, and expenses of the buildings held in joint ventures with the noncontrolling interests | 100% | 100% | |
Number of joint venture agreements | Integer | 1 | 2 | |
Speed Distribution Center | |||
Controlling interest joint ventures & equity method investees | |||
Area of real estate property | ft² | 519,000 | ||
Controlling interest joint ventures & equity method investees | |||
Noncontrolling interest, ownership percentage acquired | 1% | ||
Percentage of joint venture owned and controlled (after acquisition of noncontrolling interest) | 100% | ||
Industry Distribution Center II - undivided tenant-in-common interest [Member] | |||
Controlling interest joint ventures & equity method investees | |||
Area of real estate property | ft² | 309,000 | ||
Controlling interest joint ventures & equity method investees | |||
Tenant-in-common interest | 50% | 50% | |
Miramar Land [Member] | Real Estate Properties [Domain] | |||
Controlling interest joint ventures & equity method investees | |||
Acres of real estate investment property | a | 6.5 | ||
Less Than Wholly Owned Joint Venture Investment Ownership Percentage | 95% | 95% | |
Otay Mesa Land | Real Estate Properties [Domain] | |||
Controlling interest joint ventures & equity method investees | |||
Acres of real estate investment property | a | 41.6 | ||
Less Than Wholly Owned Joint Venture Investment Ownership Percentage | 99% |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES (Details 1) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Federal Income Tax Treatment of Share Distributions [Abstract] | |||
Ordinary taxable income distribution requirement | 90% | ||
Common Stock | |||
Federal Income Tax Treatment of Share Distributions [Abstract] | |||
Ordinary dividends (in dollars per share) | $ 4.53746 | $ 3.61656 | $ 3.32868 |
Nondividend distributions (in dollars per share) | 0 | 0 | 0 |
Unrecaptured Section 1250 capital gain (in dollars per share) | 0 | 0 | 0 |
Other capital gain (in dollars per share) | 0 | 0 | 0 |
Total Common Share Distributions | $ 4.53746 | $ 3.61656 | $ 3.32868 |
SIGNIFICANT ACCOUNTING POLICI_6
SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Real Estate Properties | |||
Indirect leasing costs | $ 546,000 | $ 700,000 | $ 661,000 |
Depreciation | $ 125,199,000 | $ 104,910,000 | $ 96,290,000 |
Buildings [Member] | |||
Real Estate Properties | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Improvements [Member] | Minimum [Member] | |||
Real Estate Properties | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Improvements [Member] | Maximum [Member] | |||
Real Estate Properties | |||
Property, Plant and Equipment, Useful Life | 15 years |
SIGNIFICANT ACCOUNTING POLICI_7
SIGNIFICANT ACCOUNTING POLICIES (Details 3) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) Integer | Dec. 31, 2020 USD ($) | ||
Accounting Policies [Abstract] | ||||
Amortization of debt issuance costs | $ 1,358,000 | $ 1,296,000 | $ 1,418,000 | |
Amortization of facility fees | 713,000 | 751,000 | 790,000 | |
Leasing costs amortization expense | 18,950,000 | 16,209,000 | 14,449,000 | |
Rental Income (Increase) Decrease For Amortization Of Acquired In Place Lease Intangibles | (2,565,000) | (1,048,000) | (1,451,000) | |
Amortization of Intangible Assets | 9,489,000 | 5,980,000 | 5,620,000 | |
Future Amortization In Place Lease Expense Year One | 7,353,000 | |||
Future Amortization In Place Lease Expense Year Two | 5,561,000 | |||
Future Amortization In Place Lease Expense Year Three | 4,343,000 | |||
Future Amortization In Place Lease Expense Year Four | 2,482,000 | |||
Future Amortization In Place Lease Expense Year Five | 652,000 | |||
Real Estate Properties | ||||
Land | 730,445,000 | 544,505,000 | ||
Buildings and building improvements | 3,012,319,000 | 2,408,944,000 | ||
Tenant and other improvements | 633,817,000 | 570,627,000 | ||
In-place lease intangibles | 37,181,000 | 31,561,000 | ||
Below market lease intangibles | (10,735,000) | $ (8,124,000) | ||
Real estate properties, Held-for-sale | ||||
Real Estate Properties | ||||
Number of Real Estate Properties | Integer | 1 | |||
2021 acquisitions | ||||
Real Estate Properties | ||||
Land | $ 42,554,000 | |||
Buildings and building improvements | 225,645,000 | |||
Tenant and other improvements | 4,907,000 | |||
Right of use assets - Ground leases (operating) | 12,708,000 | |||
Real Estate Investment Property, at Cost | 285,814,000 | |||
In-place lease intangibles | [1] | 9,949,000 | ||
Total assets acquired, net of liabilities assumed | $ 279,225,000 | |||
Weighted Average Remaining Lease Term of Acquired Properties | 2 years 10 months 24 days | |||
2021 acquisitions | Above Market Leases [Member] | ||||
Real Estate Properties | ||||
Above market lease intangibles | [1] | $ 6,000 | ||
2021 acquisitions | Below market lease [Member] | ||||
Real Estate Properties | ||||
Below market lease intangibles | [2] | (3,836,000) | ||
2021 acquisitions | Operating lease liabilities - ground leases | ||||
Real Estate Properties | ||||
Operating lease liabilities - Ground leases | [3] | $ (12,708,000) | ||
2020 Acquisitions [Member] | ||||
Real Estate Properties | ||||
Land | 23,565,000 | |||
Buildings and building improvements | 42,024,000 | |||
Tenant and other improvements | 7,971,000 | |||
Right of use assets - Ground leases (operating) | 0 | |||
Real Estate Investment Property, at Cost | 73,560,000 | |||
In-place lease intangibles | [1] | 3,257,000 | ||
Total assets acquired, net of liabilities assumed | $ 76,518,000 | |||
Weighted Average Remaining Lease Term of Acquired Properties | 3 years 10 months 24 days | |||
2020 Acquisitions [Member] | Above Market Leases [Member] | ||||
Real Estate Properties | ||||
Above market lease intangibles | [1] | $ 104,000 | ||
2020 Acquisitions [Member] | Below market lease [Member] | ||||
Real Estate Properties | ||||
Below market lease intangibles | [2] | (403,000) | ||
2020 Acquisitions [Member] | Operating lease liabilities - ground leases | ||||
Real Estate Properties | ||||
Operating lease liabilities - Ground leases | [3] | $ 0 | ||
2022 Acquisitions | ||||
Real Estate Properties | ||||
Land | 127,402,000 | |||
Buildings and building improvements | 335,335,000 | |||
Tenant and other improvements | 11,502,000 | |||
Right of use assets - Ground leases (operating) | 0 | |||
Real Estate Investment Property, at Cost | 474,239,000 | |||
In-place lease intangibles | [1] | 11,871,000 | ||
Total assets acquired, net of liabilities assumed | $ 482,051,000 | |||
Weighted Average Remaining Lease Term of Acquired Properties | 3 years 10 months 24 days | |||
2022 Acquisitions | Above Market Leases [Member] | ||||
Real Estate Properties | ||||
Above market lease intangibles | [1] | $ 0 | ||
2022 Acquisitions | Below market lease [Member] | ||||
Real Estate Properties | ||||
Below market lease intangibles | [2] | (4,059,000) | ||
2022 Acquisitions | Operating lease liabilities - ground leases | ||||
Real Estate Properties | ||||
Operating lease liabilities - Ground leases | [3] | $ 0 | ||
[1]In-place lease intangibles and above market lease intangibles are each included in Other assets on the Consolidated Balance Sheets. These costs are amortized over the remaining lives of the associated leases in place at the time of acquisition.[2]Below market lease intangibles are included in Other liabilities on the Consolidated Balance Sheets. These costs are amortized over the remaining lives of the associated leases in place at the time of acquisition.[3]Operating lease liabilities - Ground leases are included in Other liabilities on the Consolidated Balance Sheets. |
SIGNIFICANT ACCOUNTING POLICI_8
SIGNIFICANT ACCOUNTING POLICIES (Details 4) | 12 Months Ended |
Dec. 31, 2022 Integer | |
Property Acquisitions | |
Number of Reportable Segments | 1 |
Development properties [Member] | |
Property Acquisitions | |
Percentage of Occupation when property transfers from the development and value-add program to real estate properties | 90% |
Length of Time After Project Acquisition (for Value-add) or Shell Completion (for Developments) When Project Transfers to Real Estate Properties | 1 year |
Value-add properties [Member] | |
Property Acquisitions | |
Percentage of Occupation when property transfers from the development and value-add program to real estate properties | 90% |
Length of Time After Project Acquisition (for Value-add) or Shell Completion (for Developments) When Project Transfers to Real Estate Properties | 1 year |
Development and value-add properties [Member] | |
Property Acquisitions | |
Percentage of Occupation When Costs Ceased Being Capitalized for development and value-add properties | 90% |
Length of Time After Project Completion When Development Cost Ceased Being Capitalized | 1 year |
SIGNIFICANT ACCOUNTING POLICI_9
SIGNIFICANT ACCOUNTING POLICIES SIGNIFICANT ACCOUNTING POLICIES (Details 5) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Real Estate Properties | ||||
Indirect leasing costs | $ 546 | $ 700 | $ 661 | |
Lease income - operating leases | 364,957 | 306,658 | 271,094 | |
Variable lease income | [1] | 121,860 | 102,754 | 91,575 |
Income from real estate operations | 486,817 | 409,412 | $ 362,669 | |
Operating Leases, Future Minimum Payments Receivable, Current | 390,062 | |||
Operating Leases, Future Minimum Payments Receivable, in Two Years | 355,906 | |||
Operating Leases, Future Minimum Payments Receivable, in Three Years | 300,660 | |||
Operating Leases, Future Minimum Payments Receivable, in Four Years | 237,066 | |||
Operating Leases, Future Minimum Payments Receivable, in Five Years | 159,994 | |||
Operating Leases, Future Minimum Payments Receivable, Thereafter | 383,192 | |||
Operating Leases, Future Minimum Payments Receivable | 1,826,880 | |||
Right of use assets - Office Leases | $ 2,050 | $ 1,984 | ||
[1]Primarily includes tenant reimbursements for real estate taxes, insurance and common area maintenance. |
REAL ESTATE PROPERTIES - Summar
REAL ESTATE PROPERTIES - Summary (Details) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) ft² Integer shares | Dec. 31, 2021 USD ($) ft² | Dec. 31, 2020 USD ($) ft² | ||
Real Estate Properties | ||||
Land | $ 730,445,000 | $ 544,505,000 | ||
Buildings and building improvements | 3,012,319,000 | 2,408,944,000 | ||
Tenant and other improvements | 633,817,000 | 570,627,000 | ||
Development and value-add properties | [1] | 538,449,000 | 504,614,000 | |
Total real estate properties acquired | 4,934,421,000 | 4,051,325,000 | ||
Less accumulated depreciation | 1,150,814,000 | 1,035,617,000 | ||
Real Estate Investment Property, Net | 3,783,607,000 | 3,015,708,000 | ||
Debt assumed in the purchase of real estate | $ 60,000,000 | 0 | $ 0 | |
Maximum occupancy at acquisition date that defines an investment property as value-add | 75% | |||
Minimum percentage of acquisition cost used in redevelopment costs that defines an investment property as value-add | 20% | |||
Real estate properties [Member] | ||||
Real Estate Properties | ||||
Right-of-Use Assets - Ground Leases (operating) | [2] | $ 19,391,000 | $ 22,635,000 | |
2022 operating properties acquired | ||||
Real Estate Properties | ||||
Size (square feet) | ft² | [3] | 1,706,000 | ||
Costs | [3],[4] | $ 359,130,000 | ||
2022 Value-Add Property Acquisitions | ||||
Real Estate Properties | ||||
Size (square feet) | ft² | [5] | 1,044,000 | ||
Costs | [4],[5] | $ 122,921,000 | ||
2022 Acquisitions | ||||
Real Estate Properties | ||||
Size (square feet) | ft² | [6] | 2,750,000 | ||
Costs | [4],[6] | $ 482,051,000 | ||
2022 Acquisitions | Development land | ||||
Real Estate Properties | ||||
Purchase price | $ 123,717,000 | |||
Acres of real estate investment property | ft² | 456.3 | |||
Locations of acquired property | Integer | 10 | |||
2021 operating properties acquired | ||||
Real Estate Properties | ||||
Size (square feet) | ft² | [3] | 760,000 | ||
Costs | [3],[4] | $ 108,149,000 | ||
2021 value-add properties acquired | ||||
Real Estate Properties | ||||
Size (square feet) | ft² | [5] | 1,046,000 | ||
Costs | [4],[5] | $ 171,076,000 | ||
2021 acquisitions | ||||
Real Estate Properties | ||||
Size (square feet) | ft² | [6] | 1,806,000 | ||
Costs | [4],[6] | $ 279,225,000 | ||
2020 operating properties acquired | ||||
Real Estate Properties | ||||
Size (square feet) | ft² | [3] | 347,000 | ||
Costs | [3],[4] | $ 48,656,000 | ||
2020 value-add properties acquired | ||||
Real Estate Properties | ||||
Size (square feet) | ft² | [5] | 162,000 | ||
Costs | [4],[5] | $ 27,862,000 | ||
2020 Acquisitions [Member] | ||||
Real Estate Properties | ||||
Size (square feet) | ft² | [6] | 509,000 | ||
Costs | [4],[6] | $ 76,518,000 | ||
Tulloch corporation | ||||
Real Estate Properties | ||||
Number of land parcels acquired | Integer | 2 | |||
Debt assumed in the purchase of real estate | $ 60,000,000 | |||
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Shares Issued | shares | 1,868,809 | |||
Fair value of loans assumed, asset acquisition | $ 60,000,000 | |||
Other Significant Noncash Transaction, Fair Value of Consideration Given, Common shares issued | $ 303,756,000 | |||
Cebrian Distribution Center and Reed Distribution Center | 2022 operating properties acquired | ||||
Real Estate Properties | ||||
Size (square feet) | ft² | [3],[7] | 329,000 | ||
Date acquired | [3],[7] | Jun. 01, 2022 | ||
Costs | [3],[4],[7] | $ 49,726,000 | ||
6th Street Bus Cntr, Benicia Distrib Cntr 1-5, Ettie Bus Cntr, Laura Alice Bus Cntr, Preston Distrb Cntr, Sinclair Distrib Cntr, Transit Distrb Cntr and Whipple Bus Cntr | 2022 operating properties acquired | ||||
Real Estate Properties | ||||
Size (square feet) | ft² | [3],[7] | 1,377,000 | ||
Date acquired | [3],[7] | Jun. 01, 2022 | ||
Costs | [3],[4],[7] | $ 309,404,000 | ||
Cypress Preserve 1 & 2 | 2022 Value-Add Property Acquisitions | ||||
Real Estate Properties | ||||
Size (square feet) | ft² | [5] | 516,000 | ||
Date acquired | [5] | Mar. 28, 2022 | ||
Costs | [4],[5] | $ 54,462,000 | ||
Zephyr Distribution Center | 2022 Value-Add Property Acquisitions | ||||
Real Estate Properties | ||||
Size (square feet) | ft² | [5] | 82,000 | ||
Date acquired | [5] | Apr. 08, 2022 | ||
Costs | [4],[5] | $ 29,017,000 | ||
Mesa Gateway Commerce Center | 2022 Value-Add Property Acquisitions | ||||
Real Estate Properties | ||||
Size (square feet) | ft² | [5] | 147,000 | ||
Date acquired | [5] | Apr. 15, 2022 | ||
Costs | [4],[5] | $ 18,315,000 | ||
Access Point 3 | 2022 Value-Add Property Acquisitions | ||||
Real Estate Properties | ||||
Size (square feet) | ft² | [5] | 299,000 | ||
Date acquired | [5] | Jul. 12, 2022 | ||
Costs | [4],[5] | $ 21,127,000 | ||
Southpark Distribution Center 2 | 2021 operating properties acquired | ||||
Real Estate Properties | ||||
Size (square feet) | ft² | [3] | 79,000 | ||
Date acquired | [3] | Jun. 10, 2021 | ||
Costs | [3],[4] | $ 9,177,000 | ||
DFW Global Logistics Centre | 2021 operating properties acquired | ||||
Real Estate Properties | ||||
Size (square feet) | ft² | [3] | 611,000 | ||
Date acquired | [3] | Aug. 26, 2021 | ||
Costs | [3],[4] | $ 89,829,000 | ||
Progress Center 3 | 2021 operating properties acquired | ||||
Real Estate Properties | ||||
Size (square feet) | ft² | [3] | 50,000 | ||
Date acquired | [3] | Sep. 23, 2021 | ||
Costs | [3],[4] | $ 5,000,000 | ||
Texas Avenue | 2021 operating properties acquired | ||||
Real Estate Properties | ||||
Size (square feet) | ft² | [3] | 20,000 | ||
Date acquired | [3] | Oct. 15, 2021 | ||
Costs | [3],[4] | $ 4,143,000 | ||
Access Point 1 | 2021 value-add properties acquired | ||||
Real Estate Properties | ||||
Size (square feet) | ft² | [5] | 156,000 | ||
Date acquired | [5] | Jan. 15, 2021 | ||
Costs | [4],[5] | $ 10,501,000 | ||
Northpoint 200 [Member] | 2021 value-add properties acquired | ||||
Real Estate Properties | ||||
Size (square feet) | ft² | [5] | 79,000 | ||
Date acquired | [5] | Jan. 21, 2021 | ||
Costs | [4],[5] | $ 6,516,000 | ||
Access Point 2 | 2021 value-add properties acquired | ||||
Real Estate Properties | ||||
Size (square feet) | ft² | [5] | 159,000 | ||
Date acquired | [5] | May 19, 2021 | ||
Costs | [4],[5] | $ 10,743,000 | ||
Cherokee 75 Business Center 2 | 2021 value-add properties acquired | ||||
Real Estate Properties | ||||
Size (square feet) | ft² | [5] | 105,000 | ||
Date acquired | [5] | Jun. 17, 2021 | ||
Costs | [4],[5] | $ 8,837,000 | ||
Siempre Viva 3-6 | 2021 value-add properties acquired | ||||
Real Estate Properties | ||||
Size (square feet) | ft² | [5] | 547,000 | ||
Date acquired | [5] | Dec. 01, 2021 | ||
Costs | [4],[5] | $ 134,479,000 | ||
Wells Point One | 2020 operating properties acquired | ||||
Real Estate Properties | ||||
Size (square feet) | ft² | [3] | 50,000 | ||
Date acquired | [3] | Feb. 28, 2020 | ||
Costs | [3],[4] | $ 6,231,000 | ||
Cherokee 75 Business Center 1 | 2020 operating properties acquired | ||||
Real Estate Properties | ||||
Size (square feet) | ft² | [3] | 85,000 | ||
Date acquired | [3] | Dec. 15, 2020 | ||
Costs | [3],[4] | $ 8,323,000 | ||
The Rock at Star Business Park | 2020 operating properties acquired | ||||
Real Estate Properties | ||||
Size (square feet) | ft² | [3] | 212,000 | ||
Date acquired | [3] | Dec. 17, 2020 | ||
Costs | [3],[4] | $ 34,102,000 | ||
Rancho Distribution Center | 2020 value-add properties acquired | ||||
Real Estate Properties | ||||
Size (square feet) | ft² | [5] | 162,000 | ||
Date acquired | [5] | Oct. 15, 2020 | ||
Costs | [4],[5] | $ 27,862,000 | ||
Speed Distribution Center | ||||
Real Estate Properties | ||||
Size (square feet) | ft² | 519,000 | |||
Percentage of joint venture owned and controlled (after acquisition of noncontrolling interest) | 100% | |||
Asset Acquisition, Consideration Transferred, Transaction Cost | $ 18,599,000 | |||
Noncontrolling interest, ownership percentage acquired | 1% | |||
[1]Value-add properties are defined as properties that are either acquired but not stabilized or can be converted to a higher and better use. Acquired properties meeting either of the following two conditions are considered value-add properties: (1) Less than 75% occupied as of the acquisition date (or will be less than 75% occupied within one year of acquisition date based on near term lease roll), or (2) 20% or greater of the acquisition cost will be spent to redevelop the property.[2]See Ground Leases discussion below for information regarding the Company’s right of use assets for ground leases.[3]Operating properties are defined as stabilized real estate properties (land including buildings and improvements) in the Company’s operating portfolio; included in Real estate properties on the Consolidated Balance Sheets[4]Cost is calculated in accordance with FASB ASC 805, Business Combinations, and represents the sum of the purchase price, closing costs and capitalized acquisition costs.[5]Value-add properties are defined in Note 2.[6]Excludes acquired development land as detailed below.[7]The Company acquired these operating properties along with two land parcels, also in Sacramento, CA and San Francisco, CA, in connection with its acquisition of Tulloch Corporation in June 2022. Size and cost are presented on an aggregate basis for the properties located in Sacramento, CA and San Francisco, CA, respectively. In consideration for this acquisition, the Company assumed a $60,000,000 loan and issued 1,868,809 shares of the Company’s common stock. The acquisition date fair value of the loan assumed was $60,000,000, and the acquisition date fair value of the common shares, which was based on the closing share price on the acquisition date, was $303,756,000. |
REAL ESTATE PROPERTIES - Sales
REAL ESTATE PROPERTIES - Sales of Real Estate (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) ft² | Dec. 31, 2021 USD ($) ft² | Dec. 31, 2020 USD ($) ft² | ||
Real Estate Properties Sold | ||||
Right of Use Liability, Ground Lease | $ 19,906 | $ 22,898 | ||
2022 Dispositions | ||||
Real Estate Properties Sold | ||||
Net Sales Price | 51,006 | |||
Basis | 10,007 | |||
Recognized Gain | $ 40,999 | |||
2021 Dispositions | ||||
Real Estate Properties Sold | ||||
Net Sales Price | 44,260 | |||
Basis | 5,401 | |||
Recognized Gain | $ 38,859 | |||
2020 Dispositions | ||||
Real Estate Properties Sold | ||||
Net Sales Price | $ 20,510 | |||
Basis | 7,365 | |||
Recognized Gain | $ 13,145 | |||
University Business Center 120 [Member] | ||||
Real Estate Properties Sold | ||||
Less Than Wholly Owned Joint Venture Investment Ownership Percentage | 80% | |||
Less Than Wholly Owned Joint Venture Investment Ownership Percentage Sold | 80% | |||
Metro Business Park [Member] | 2022 Dispositions | ||||
Real Estate Properties Sold | ||||
Size (square feet) | ft² | 189,000 | |||
Date Sold | Jan. 06, 2022 | |||
Net Sales Price | $ 32,851 | |||
Basis | 5,880 | |||
Recognized Gain | $ 26,971 | |||
Cypress Creek Business Park [Member] | 2022 Dispositions | ||||
Real Estate Properties Sold | ||||
Size (square feet) | ft² | [1] | 56,000 | ||
Date Sold | [1] | Mar. 31, 2022 | ||
Net Sales Price | [1] | $ 5,282 | ||
Basis | [1] | 1,901 | ||
Recognized Gain | [1] | 3,381 | ||
Right of Use Asset, Ground Lease | 1,745 | |||
Right of Use Liability, Ground Lease | $ 1,745 | |||
World Houston 15 East | 2022 Dispositions | ||||
Real Estate Properties Sold | ||||
Size (square feet) | ft² | 42,000 | |||
Date Sold | May 11, 2022 | |||
Net Sales Price | $ 12,873 | |||
Basis | 2,226 | |||
Recognized Gain | $ 10,647 | |||
Jetport Commerce Park [Member] | 2021 Dispositions | ||||
Real Estate Properties Sold | ||||
Size (square feet) | ft² | 284,000 | |||
Date Sold | Nov. 09, 2021 | |||
Net Sales Price | $ 44,260 | |||
Basis | 5,401 | |||
Recognized Gain | $ 38,859 | |||
University Business Center 120 [Member] | 2020 Dispositions | ||||
Real Estate Properties Sold | ||||
Size (square feet) | ft² | [2] | 46,000 | ||
Date Sold | [2] | Dec. 01, 2020 | ||
Net Sales Price | [2] | $ 10,342 | ||
Basis | [2] | 4,007 | ||
Recognized Gain | [2] | $ 6,335 | ||
Central Green Distribution Center [Member] | 2020 Dispositions | ||||
Real Estate Properties Sold | ||||
Size (square feet) | ft² | 80,000 | |||
Date Sold | Dec. 23, 2020 | |||
Net Sales Price | $ 10,168 | |||
Basis | 3,358 | |||
Recognized Gain | $ 6,810 | |||
[1]Cypress Creek Business Park is located on a ground lease. In conjunction with the sale of the property, the Company fully amortized the associated right-of-use asset and liability of $1,745,000.[2]EastGroup owned 80% of University Business Center 120 through a joint venture partnership. EastGroup sold its 80% share of the joint venture, and the partnership was dissolved. The information shown for this transaction represents EastGroup’s 80% ownership. |
REAL ESTATE PROPERTIES - Develo
REAL ESTATE PROPERTIES - Development and Value-Add Disclosures (Details) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) ft² | Dec. 31, 2021 USD ($) ft² | Dec. 31, 2020 USD ($) | ||
Real Estate [Line Items] | ||||
Interest costs capitalized on development properties | $ 12,393,000 | $ 9,028,000 | $ 9,651,000 | |
Internal Development Costs Capitalized During Period | 9,985,000 | 7,713,000 | 6,689,000 | |
Costs subsequent to transfer, development transfers during the period | 10,989,000 | |||
Development costs incurred, for the period | $ 494,073,000 | $ 418,855,000 | $ 195,446,000 | |
Speed Distribution Center | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 519,000 | |||
Lease Up [Member] | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 1,415,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 133,260,000 | |||
Development and value-add properties | 158,945,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 173,600,000 | ||
Lease Up [Member] | Cypress Preserve 1 & 2 | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | [3] | 516,000 | ||
Costs Transferred In Current Year | [1],[3] | $ 0 | ||
Development costs incurred, for the period | [3] | 54,081,000 | ||
Development and value-add properties | [3] | 54,081,000 | ||
Estimated Total Cumulative Development Costs | [2],[3] | $ 57,800,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | [3] | 03/23 | ||
Lease Up [Member] | Grand West Crossing 1 | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 121,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 4,168,000 | |||
Development and value-add properties | 13,037,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 15,700,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 04/23 | |||
Lease Up [Member] | Zephyr Distribution Center | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | [3] | 82,000 | ||
Costs Transferred In Current Year | [1],[3] | $ 0 | ||
Development costs incurred, for the period | [3] | 29,028,000 | ||
Development and value-add properties | [3] | 29,028,000 | ||
Estimated Total Cumulative Development Costs | [2],[3] | $ 29,800,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | [3] | 04/23 | ||
Lease Up [Member] | Access Point 3 | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | [3] | 299,000 | ||
Costs Transferred In Current Year | [1],[3] | $ 0 | ||
Development costs incurred, for the period | [3] | 22,632,000 | ||
Development and value-add properties | [3] | 22,632,000 | ||
Estimated Total Cumulative Development Costs | [2],[3] | $ 25,400,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | [3] | 07/23 | ||
Lease Up [Member] | McKinney 3 & 4 | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 212,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 13,714,000 | |||
Development and value-add properties | 24,152,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 27,000,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 07/23 | |||
Lease Up [Member] | Grand Oaks 75 4 | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 185,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 9,637,000 | |||
Development and value-add properties | 16,015,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 17,900,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 09/23 | |||
Under construction [Member] | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 2,566,000 | |||
Costs Transferred In Current Year | [1] | $ 52,687,000 | ||
Development costs incurred, for the period | 102,297,000 | |||
Development and value-add properties | 165,886,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 320,500,000 | ||
Under construction [Member] | Suncoast 11 | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 79,000 | |||
Costs Transferred In Current Year | [1] | $ 1,524,000 | ||
Development costs incurred, for the period | 7,651,000 | |||
Development and value-add properties | 9,175,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 9,900,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 04/23 | |||
Under construction [Member] | Arlington Tech 3 | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 77,000 | |||
Costs Transferred In Current Year | [1] | $ 1,980,000 | ||
Development costs incurred, for the period | 6,420,000 | |||
Development and value-add properties | 8,400,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 10,300,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 02/24 | |||
Under construction [Member] | Gateway 2 | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 133,000 | |||
Costs Transferred In Current Year | [1] | $ 8,049,000 | ||
Development costs incurred, for the period | 10,139,000 | |||
Development and value-add properties | 18,188,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 23,700,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 02/24 | |||
Under construction [Member] | Hillside 1 | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 122,000 | |||
Costs Transferred In Current Year | [1] | $ 632,000 | ||
Development costs incurred, for the period | 8,846,000 | |||
Development and value-add properties | 9,478,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 11,600,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 02/24 | |||
Under construction [Member] | I-20 West Business Center | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 155,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 10,175,000 | |||
Development and value-add properties | 13,139,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 15,500,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 02/24 | |||
Under construction [Member] | Lakeport 4 & 5 | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 177,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 10,767,000 | |||
Development and value-add properties | 18,705,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 24,000,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 02/24 | |||
Under construction [Member] | Horizon West 1 | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 97,000 | |||
Costs Transferred In Current Year | [1] | $ 3,730,000 | ||
Development costs incurred, for the period | 5,839,000 | |||
Development and value-add properties | 9,569,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 13,200,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 03/24 | |||
Under construction [Member] | Steel Creek 11 & 12 | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 241,000 | |||
Costs Transferred In Current Year | [1] | $ 2,857,000 | ||
Development costs incurred, for the period | 13,923,000 | |||
Development and value-add properties | 16,780,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 25,900,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 04/24 | |||
Under construction [Member] | Springwood 1 & 2 | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 292,000 | |||
Costs Transferred In Current Year | [1] | $ 6,741,000 | ||
Development costs incurred, for the period | 16,232,000 | |||
Development and value-add properties | 22,973,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 33,300,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 05/24 | |||
Under construction [Member] | Stonefield 35 1-3 | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 274,000 | |||
Costs Transferred In Current Year | [1] | $ 10,279,000 | ||
Development costs incurred, for the period | 6,040,000 | |||
Development and value-add properties | 16,319,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 35,300,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 06/24 | |||
Under construction [Member] | SunCoast 10 | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 100,000 | |||
Costs Transferred In Current Year | [1] | $ 1,624,000 | ||
Development costs incurred, for the period | 1,344,000 | |||
Development and value-add properties | 2,968,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 13,600,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 06/24 | |||
Under construction [Member] | Basswood 3-5 | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 351,000 | |||
Costs Transferred In Current Year | [1] | $ 7,476,000 | ||
Development costs incurred, for the period | 886,000 | |||
Development and value-add properties | 8,362,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 45,000,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 08/24 | |||
Under construction [Member] | McKinney 1 & 2 | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 172,000 | |||
Costs Transferred In Current Year | [1] | $ 4,261,000 | ||
Development costs incurred, for the period | 2,240,000 | |||
Development and value-add properties | 6,501,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 27,300,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 08/24 | |||
Under construction [Member] | Cass White 1 & 2 | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 296,000 | |||
Costs Transferred In Current Year | [1] | $ 3,534,000 | ||
Development costs incurred, for the period | 1,795,000 | |||
Development and value-add properties | 5,329,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 31,900,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 10/24 | |||
Prospective Development [Member] | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 9,730,000 | |||
Costs Transferred In Current Year | [1] | $ (63,369,000) | ||
Development costs incurred, for the period | 148,984,000 | |||
Development and value-add properties | $ 213,618,000 | |||
Prospective Development [Member] | Phoenix [Member] | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 655,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 15,395,000 | |||
Development and value-add properties | $ 15,395,000 | |||
Prospective Development [Member] | Sacramento | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 82,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 3,130,000 | |||
Development and value-add properties | $ 3,130,000 | |||
Prospective Development [Member] | San Francisco | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 65,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 3,561,000 | |||
Development and value-add properties | $ 3,561,000 | |||
Prospective Development [Member] | Fort Myers [Member] | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 364,000 | |||
Costs Transferred In Current Year | [1] | $ (3,148,000) | ||
Development costs incurred, for the period | 2,693,000 | |||
Development and value-add properties | $ 7,843,000 | |||
Prospective Development [Member] | Miami [Member] | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 510,000 | |||
Costs Transferred In Current Year | [1] | $ (8,049,000) | ||
Development costs incurred, for the period | 18,035,000 | |||
Development and value-add properties | $ 24,317,000 | |||
Prospective Development [Member] | Orlando [Member] | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 1,053,000 | |||
Costs Transferred In Current Year | [1] | $ (9,906,000) | ||
Development costs incurred, for the period | 8,338,000 | |||
Development and value-add properties | $ 24,670,000 | |||
Prospective Development [Member] | Tampa [Member] | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 32,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 0 | |||
Development and value-add properties | $ 825,000 | |||
Prospective Development [Member] | Atlanta [Member] | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 1,490,000 | |||
Costs Transferred In Current Year | [1] | $ (3,534,000) | ||
Development costs incurred, for the period | 13,189,000 | |||
Development and value-add properties | $ 14,713,000 | |||
Prospective Development [Member] | Jackson [Member] | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 28,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 0 | |||
Development and value-add properties | $ 706,000 | |||
Prospective Development [Member] | Charlotte [Member] | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 1,146,000 | |||
Costs Transferred In Current Year | [1] | $ (2,857,000) | ||
Development costs incurred, for the period | 1,475,000 | |||
Development and value-add properties | $ 13,722,000 | |||
Prospective Development [Member] | Greenville [Member] | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 476,000 | |||
Costs Transferred In Current Year | [1] | $ (632,000) | ||
Development costs incurred, for the period | 5,353,000 | |||
Development and value-add properties | $ 6,457,000 | |||
Prospective Development [Member] | Austin [Member] | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 1,557,000 | |||
Costs Transferred In Current Year | [1] | $ (10,279,000) | ||
Development costs incurred, for the period | 50,699,000 | |||
Development and value-add properties | $ 46,851,000 | |||
Prospective Development [Member] | Dallas [Member] | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 0 | |||
Costs Transferred In Current Year | [1] | $ (4,261,000) | ||
Development costs incurred, for the period | 457,000 | |||
Development and value-add properties | $ 4,594,000 | |||
Prospective Development [Member] | Houston [Member] | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 1,536,000 | |||
Costs Transferred In Current Year | [1] | $ (11,247,000) | ||
Development costs incurred, for the period | 17,110,000 | |||
Development and value-add properties | $ 30,696,000 | |||
Prospective Development [Member] | San Antonio [Member] | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 423,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 8,173,000 | |||
Development and value-add properties | $ 8,891,000 | |||
Prospective Development [Member] | Fort Worth | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 313,000 | |||
Costs Transferred In Current Year | [1] | $ (9,456,000) | ||
Development costs incurred, for the period | 1,376,000 | |||
Development and value-add properties | $ 7,247,000 | |||
Lease Up, Construction, And Prospective Development [Member] | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 13,711,000 | |||
Costs Transferred In Current Year | [1] | $ (10,682,000) | ||
Development costs incurred, for the period | 384,541,000 | |||
Development and value-add properties | 538,449,000 | |||
Development obligations | 134,800,000 | |||
Tenant improvement obligations | $ 15,000,000 | |||
Development completed and transferred to Real estate properties [Member] | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 3,638,000 | |||
Costs Transferred In Current Year | [1] | $ 10,682,000 | ||
Development costs incurred, for the period | 110,623,000 | |||
Development and value-add properties | [4] | $ 461,329,000 | ||
Development completed and transferred to Real estate properties [Member] | SunCoast Commerce Center 12 | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 79,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 3,928,000 | |||
Development and value-add properties | [4] | $ 8,106,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 12/22 | |||
Development completed and transferred to Real estate properties [Member] | Tri-County Crossing 5 | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 106,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 5,544,000 | |||
Development and value-add properties | [4] | $ 11,144,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 12/22 | |||
Development completed and transferred to Real estate properties [Member] | Access Point 1 | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | [3] | 156,000 | ||
Costs Transferred In Current Year | [1],[3] | $ 0 | ||
Development costs incurred, for the period | [3] | 7,000 | ||
Development and value-add properties | [3],[4] | $ 12,529,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | [3] | 01/22 | ||
Development completed and transferred to Real estate properties [Member] | Speed Distribution Center | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 519,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 2,884,000 | |||
Development and value-add properties | [4] | $ 70,702,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 03/22 | |||
Development completed and transferred to Real estate properties [Member] | Access Point 2 | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | [3] | 159,000 | ||
Costs Transferred In Current Year | [1],[3] | $ 0 | ||
Development costs incurred, for the period | [3] | 601,000 | ||
Development and value-add properties | [3],[4] | $ 12,232,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | [3] | 05/22 | ||
Development completed and transferred to Real estate properties [Member] | Grand Oaks 75 Business Center 3 | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 136,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 1,205,000 | |||
Development and value-add properties | [4] | $ 11,397,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 06/22 | |||
Development completed and transferred to Real estate properties [Member] | Siempre Viva 3-6 | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | [3] | 547,000 | ||
Costs Transferred In Current Year | [1],[3] | $ 0 | ||
Development costs incurred, for the period | [3] | 595,000 | ||
Development and value-add properties | [3],[4] | $ 133,283,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | [3] | 06/22 | ||
Development completed and transferred to Real estate properties [Member] | Steele Creek 8 | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 72,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 5,142,000 | |||
Development and value-add properties | [4] | $ 7,870,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 07/22 | |||
Development completed and transferred to Real estate properties [Member] | CreekView 9 & 10 | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 145,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 4,210,000 | |||
Development and value-add properties | [4] | $ 15,546,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 08/22 | |||
Development completed and transferred to Real estate properties [Member] | Gateway Commerce Park 3 | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 133,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 4,903,000 | |||
Development and value-add properties | [4] | $ 18,069,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 08/22 | |||
Development completed and transferred to Real estate properties [Member] | Ridgeview 3 | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 88,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 3,513,000 | |||
Development and value-add properties | [4] | $ 9,317,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 08/22 | |||
Development completed and transferred to Real estate properties [Member] | Americas Ten 2 | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 169,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 5,254,000 | |||
Development and value-add properties | [4] | $ 14,354,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 09/22 | |||
Development completed and transferred to Real estate properties [Member] | Horizon West 2 & 3 | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 210,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 1,597,000 | |||
Development and value-add properties | [4] | $ 18,787,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 09/22 | |||
Development completed and transferred to Real estate properties [Member] | Mesa Gateway Commerce Center | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | [3] | 147,000 | ||
Costs Transferred In Current Year | [1],[3] | $ 0 | ||
Development costs incurred, for the period | [3] | 18,696,000 | ||
Development and value-add properties | [3],[4] | $ 18,696,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | [3] | 11/22 | ||
Development completed and transferred to Real estate properties [Member] | World Houston 47 | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 139,000 | |||
Costs Transferred In Current Year | [1] | $ 4,506,000 | ||
Development costs incurred, for the period | 12,517,000 | |||
Development and value-add properties | [4] | $ 17,023,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 11/22 | |||
Development completed and transferred to Real estate properties [Member] | 45 Crossing | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 177,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 7,998,000 | |||
Development and value-add properties | [4] | $ 25,058,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 12/22 | |||
Development completed and transferred to Real estate properties [Member] | Basswood 1 & 2 | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 237,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 7,237,000 | |||
Development and value-add properties | [4] | $ 22,466,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 12/22 | |||
Development completed and transferred to Real estate properties [Member] | Horizon West 4 | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 295,000 | |||
Costs Transferred In Current Year | [1] | $ 6,176,000 | ||
Development costs incurred, for the period | 18,201,000 | |||
Development and value-add properties | [4] | $ 24,377,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 12/22 | |||
Development completed and transferred to Real estate properties [Member] | Tri-County Crossing 6 | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 124,000 | |||
Costs Transferred In Current Year | [1] | $ 0 | ||
Development costs incurred, for the period | 6,591,000 | |||
Development and value-add properties | [4] | $ 10,373,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 12/22 | |||
Lease-Up and Under Construction | ||||
Real Estate [Line Items] | ||||
Area of real estate property | ft² | 3,981,000 | |||
Costs Transferred In Current Year | [1] | $ 52,687,000 | ||
Development costs incurred, for the period | 235,557,000 | |||
Development and value-add properties | 324,831,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 494,100,000 | ||
[1]Represents costs transferred from Prospective Development (primarily land) to Under Construction during the period. Negative amounts represent land inventory costs transferred to Under Construction.[2]Included in these costs are development obligations of $134.8 million and tenant improvement obligations of $15.0 million on properties under development.[3]Represents value-add acquisitions.[4]Represents cumulative costs at the date of transfer. |
REAL ESTATE PROPERTIES - Ground
REAL ESTATE PROPERTIES - Ground Leases (Details) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | ||
Ground Lease [Line Items] | ||||
Total ground lease expenditures for continuing and discontinued operations | $ 1,755,000 | $ 1,354,000 | $ 1,051,000 | |
Operating lease liabilities - ground leases | 19,906,000 | $ 22,898,000 | ||
Cypress Creek Business Park [Member] | 2022 Dispositions | ||||
Ground Lease [Line Items] | ||||
Right of Use Asset, Ground Lease | 1,745,000 | |||
Operating lease liabilities - ground leases | $ 1,745,000 | |||
Ground leases [Member] | ||||
Ground Lease [Line Items] | ||||
Leases terms minimum | 40 years | |||
Leases terms maximum | 50 years | |||
Lease Expiration Date | August 2031 | |||
Ground lease expiration date, furthest date | October 2058 | |||
Renewal period option minimum | 15 years | |||
Renewal period option maximum | 35 years | |||
Payment increase interval minimum | 3 years | |||
Payment increase interval maximum | 10 years | |||
Weighted Average term for ground leases | 36 years | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 1,519,000 | |||
Operating Leases, Future Minimum Payments, Due in Two Years | 1,572,000 | |||
Operating Leases, Future Minimum Payments, Due in Three Years | 1,606,000 | |||
Operating Leases, Future Minimum Payments, Due in Four Years | 1,643,000 | |||
Operating Leases, Future Minimum Payments, Due in Five Years | 1,643,000 | |||
Operating leases, future minimum payments due, Thereafter | 53,758,000 | |||
Operating leases, future minimum payments due, Total | 61,741,000 | |||
Imputed interest | [1] | (41,835,000) | ||
Operating Leases, Future Minimum Payments Due | $ 19,906,000 | |||
FLORIDA | ||||
Ground Lease [Line Items] | ||||
Properties subject to ground leases | 2 | |||
TEXAS | ||||
Ground Lease [Line Items] | ||||
Properties subject to ground leases | 4 | 4 | ||
ARIZONA | ||||
Ground Lease [Line Items] | ||||
Properties subject to ground leases | 1 | 1 | ||
Accounting Standards Update 2016-02 [Member] | DFW Global Logistics Centre | ||||
Ground Lease [Line Items] | ||||
Right-of-Use Assets - Ground Leases (operating) | $ 12,708,000 | |||
[1]As the Company’s leases do not provide an implicit rate, in order to calculate the present value of the remaining ground lease payments, the Company used its incremental borrowing rate, adjusted for a number of factors, including the long-term nature of the ground leases, the Company’s estimated borrowing costs, and the estimated fair value of the underlying land, to determine the imputed interest for its ground leases. |
UNCONSOLIDATED INVESTMENT (Deta
UNCONSOLIDATED INVESTMENT (Details) | 12 Months Ended | |
Dec. 31, 2022 USD ($) ft² | Dec. 31, 2021 USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||
Investment's carrying value under the equity method of accounting | $ 7,230,000 | $ 7,320,000 |
Industry Distribution Center II - undivided tenant-in-common interest [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage (in hundredths) | 50% | 50% |
Area of real estate property | ft² | 309,000 | |
Year Constructed | 1998 | |
Building lease percentage | 100% | |
Lease term expiration | December 2026 | |
Investment's carrying value under the equity method of accounting | $ 7,230,000 | $ 7,320,000 |
Industry Distribution Center II [Member] | Industry Distribution Center II - undivided tenant-in-common interest [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Single tenant joint partner ownership (in hundredths) | 50% |
OTHER ASSETS (Details)
OTHER ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Other Assets Components [Abstract] | ||
Leasing costs (principally commissions) | $ 140,273 | $ 116,772 |
Accumulated amortization of leasing costs | (48,249) | (42,193) |
Leasing costs (principally commissions), net of accumulated amortization | 92,024 | 74,579 |
Acquired-in-place lease intangibles | 37,181 | 31,561 |
Accumulated amortization of acquired in-place lease intangibles | (16,276) | (13,038) |
Acquired In Place Lease Intangibles Net Of Accumulated Amortization | 20,905 | 18,523 |
Acquired above market lease intangibles | 496 | 885 |
Accumulated amortization of acquired above market lease intangibles | (251) | (508) |
Acquired above market lease intangibles, net of accumulated amortization | 245 | 377 |
Straight-line rents receivable | 61,452 | 51,970 |
Accounts receivable | 9,568 | 7,133 |
Interest rate swap assets | 38,352 | 2,237 |
Right of use assets - Office Leases (operating) | 2,050 | 1,984 |
Escrow deposits and prepaid costs for pending transactions | 2,522 | 3,864 |
Goodwill | 990 | 990 |
Prepaid Insurance | 2,681 | 7,793 |
Receivable for tenant improvement cost reimbursements | 364 | 7,680 |
Prepaid expenses and other assets | 13,791 | 5,090 |
Total Other Assets | $ 244,944 | $ 182,220 |
UNSECURED BANK CREDIT FACILIT_2
UNSECURED BANK CREDIT FACILITIES (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Integer | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Line of Credit Facility [Line Items] | |||
Unsecured bank credit facilities, net of debt issuance costs | $ 168,454,000 | $ 207,066,000 | |
Average bank borrowings | $ 182,478,000 | $ 95,629,000 | $ 87,095,000 |
Weighted average interest rates (in hundredths) | 2.32% | 1.01% | 1.86% |
Amortization of facility fees | $ 713,000 | $ 751,000 | $ 790,000 |
Amortization of debt issuance costs | $ 650,000 | 606,000 | $ 561,000 |
Moody's Credit Rating | Baa2 | ||
Former bank credit facility obtained in 2018 - $350 million | Nine bank group unsecured revolving credit facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Borrowing Capacity | $ 350,000,000 | ||
Debt instrument, margin (in basis points) | 100 | ||
Line of credit, facility fee (in basis points) | 20 | ||
Debt Instrument, Maturity Date, Description | July 30, 2022 | ||
Former credit facility obtained in 2018 - $45 million [Member] | Pnc Na Unsecured revolving credit facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Borrowing Capacity | $ 45,000,000 | ||
Debt instrument, margin (in basis points) | 100 | ||
Line of credit, facility fee (in basis points) | 20 | ||
Debt Instrument, Maturity Date, Description | July 30, 2022 | ||
$425 million credit facility - obtained in 2021 | Nine bank group unsecured revolving credit facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Borrowing Capacity | $ 425,000,000 | ||
Debt instrument, margin (in basis points) | 77.5 | ||
Line of credit, facility fee (in basis points) | 15 | ||
Credit facility, extension option | two six-month extensions | ||
Banks included in the unsecured revolving credit facility group | Integer | 9 | ||
Line of Credit Facility, Interest Rate at Period End | 5.146% | ||
Unsecured bank credit facilities - variable rate, carrying amount | $ 170,000,000 | ||
Letters of Credit Outstanding, Amount | $ 67,000 | ||
Debt Instrument, Maturity Date | Jul. 30, 2025 | ||
Line of credit facility, accordion | $ 325,000,000 | ||
$50 million credit facility - obtained in 2021 | Pnc Na Unsecured revolving credit facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Borrowing Capacity | $ 50,000,000 | ||
Debt instrument, margin (in basis points) | 77.5 | ||
Line of credit, facility fee (in basis points) | 15 | ||
Credit facility, extension option | two six-month extensions | ||
Line of Credit Facility, Interest Rate at Period End | 5.167% | ||
Unsecured bank credit facilities - variable rate, carrying amount | $ 0 | ||
Line of Credit Facility, Expiration Date | Jul. 30, 2025 | ||
Bank credit facility obtained in 2021 - $425 and $50 million | Nine bank group unsecured revolving credit facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Sustainability-linked pricing component, interest margin reduction (in basis points) | 1 | ||
Credit rating basis for initial pricing basis, credit facilities | BBB+/Baa1 | ||
Line of Credit Facility Covenant Terms, Consolidated Leverage Ratio | 32.50% |
UNSECURED AND SECURED DEBT (Det
UNSECURED AND SECURED DEBT (Details) | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) basisPoints Integer | Dec. 31, 2021 USD ($) basisPoints | Dec. 31, 2020 USD ($) | |||
Secured and Unsecured Debt [Line Items] | |||||
Unsecured bank credit facilities, net of debt issuance costs | $ 168,454,000 | $ 207,066,000 | |||
Unsecured debt - fixed rate, carrying amount | 1,695,000,000 | 1,245,000,000 | |||
Unsecured debt, net of debt issuance costs | 1,691,259,000 | 1,242,570,000 | |||
Secured debt, net of debt issuance costs | 2,031,000 | 2,142,000 | |||
Total debt, net of debt issuance costs | $ 1,861,744,000 | $ 1,451,778,000 | |||
Weighted average interest rates (in hundredths) | 2.32% | 1.01% | 1.86% | ||
Debt assumed in the purchase of real estate, repaid promptly during the quarter with no penalty | $ 60,000,000 | $ 0 | $ 0 | ||
Payments of principal over future years [Abstract] | |||||
Proceeds from unsecured debt | 525,000,000 | 175,000,000 | $ 275,000,000 | ||
Tulloch Corporation | 2022 Acquisitions | |||||
Secured and Unsecured Debt [Line Items] | |||||
Debt assumed in the purchase of real estate, repaid promptly during the quarter with no penalty | $ 60,000,000 | ||||
Tulloch Corporation | 2022 operating properties acquired | |||||
Secured and Unsecured Debt [Line Items] | |||||
Number of Businesses Acquired | Integer | 14 | ||||
Tulloch Corporation | 2022 development land acquisitions | |||||
Secured and Unsecured Debt [Line Items] | |||||
Number of land parcels acquired | Integer | 2 | ||||
$75 Million Unsecured Term Loan (2015) [Member] | |||||
Secured and Unsecured Debt [Line Items] | |||||
Debt instrument, margin | [1] | 1.40% | |||
Effective interest rate | [1] | 3.03% | |||
Debt Instrument, Maturity Date | [1] | Feb. 28, 2022 | |||
Unsecured debt - fixed rate, carrying amount | [1] | $ 0 | 75,000,000 | ||
Interest rate of term loan repaid | 3.03% | ||||
Unsecured debt, carrying amount repaid | $ 75,000,000 | ||||
$65 million term loan (2016) [Member] | |||||
Secured and Unsecured Debt [Line Items] | |||||
Debt instrument, margin | [1] | 1.10% | |||
Effective interest rate | [1] | 2.31% | |||
Debt Instrument, Maturity Date | [1] | Apr. 01, 2023 | |||
Unsecured debt - fixed rate, carrying amount | [1] | $ 65,000,000 | 65,000,000 | ||
Fifty million senior unsecured notes [Member] | |||||
Secured and Unsecured Debt [Line Items] | |||||
Effective interest rate | 3.80% | ||||
Debt Instrument, Maturity Date | Aug. 28, 2023 | ||||
Unsecured debt - fixed rate, carrying amount | $ 50,000,000 | 50,000,000 | |||
Twenty million senior unsecured notes [Member] | |||||
Secured and Unsecured Debt [Line Items] | |||||
Effective interest rate | 3.80% | ||||
Debt Instrument, Maturity Date | Aug. 28, 2025 | ||||
Unsecured debt - fixed rate, carrying amount | $ 20,000,000 | 20,000,000 | |||
Sixty million senior unsecured notes (executed in 2017) [Member] | |||||
Secured and Unsecured Debt [Line Items] | |||||
Effective interest rate | 3.46% | ||||
Debt Instrument, Maturity Date | Dec. 13, 2024 | ||||
Unsecured debt - fixed rate, carrying amount | $ 60,000,000 | 60,000,000 | |||
Sixty million senior unsecured notes (executed in 2016) [Member] | |||||
Secured and Unsecured Debt [Line Items] | |||||
Effective interest rate | 3.48% | ||||
Debt Instrument, Maturity Date | Dec. 15, 2024 | ||||
Unsecured debt - fixed rate, carrying amount | $ 60,000,000 | 60,000,000 | |||
Forty million senior unsecured notes (executed in 2016) [Member] | |||||
Secured and Unsecured Debt [Line Items] | |||||
Effective interest rate | 3.75% | ||||
Debt Instrument, Maturity Date | Dec. 15, 2026 | ||||
Unsecured debt - fixed rate, carrying amount | $ 40,000,000 | 40,000,000 | |||
Twenty-five million senior unsecured notes (executed in 2015) [Member] | |||||
Secured and Unsecured Debt [Line Items] | |||||
Effective interest rate | 3.97% | ||||
Debt Instrument, Maturity Date | Oct. 01, 2025 | ||||
Unsecured debt - fixed rate, carrying amount | $ 25,000,000 | 25,000,000 | |||
Fifty million senior unsecured notes (executed in 2015) [Member] | |||||
Secured and Unsecured Debt [Line Items] | |||||
Effective interest rate | 3.99% | ||||
Debt Instrument, Maturity Date | Oct. 07, 2025 | ||||
Unsecured debt - fixed rate, carrying amount | $ 50,000,000 | 50,000,000 | |||
Sixty million senior unsecured notes (executed in 2018) [Member] | |||||
Secured and Unsecured Debt [Line Items] | |||||
Effective interest rate | 3.93% | ||||
Debt Instrument, Maturity Date | Apr. 10, 2028 | ||||
Unsecured debt - fixed rate, carrying amount | $ 60,000,000 | 60,000,000 | |||
$80 million senior unsecured private placement notes (2019) [Member] | |||||
Secured and Unsecured Debt [Line Items] | |||||
Effective interest rate | 4.27% | ||||
Debt Instrument, Maturity Date | Mar. 28, 2029 | ||||
Unsecured debt - fixed rate, carrying amount | $ 80,000,000 | 80,000,000 | |||
$35 million senior unsecured private placement notes (2019) [Member] | |||||
Secured and Unsecured Debt [Line Items] | |||||
Effective interest rate | 3.54% | ||||
Debt Instrument, Maturity Date | Aug. 15, 2031 | ||||
Unsecured debt - fixed rate, carrying amount | $ 35,000,000 | 35,000,000 | |||
$75 million senior unsecured private placement notes (2019) [Member] | |||||
Secured and Unsecured Debt [Line Items] | |||||
Effective interest rate | 3.47% | ||||
Debt Instrument, Maturity Date | Aug. 19, 2029 | ||||
Unsecured debt - fixed rate, carrying amount | $ 75,000,000 | $ 75,000,000 | |||
$100 million term loan (2019) [Member] | |||||
Secured and Unsecured Debt [Line Items] | |||||
Debt instrument, margin | [2],[3] | 0.95% | |||
Effective interest rate | 2.10% | [2],[3] | 2.75% | ||
Debt Instrument, Maturity Date | [2],[3] | Oct. 10, 2026 | |||
Unsecured debt - fixed rate, carrying amount | [2],[3] | $ 100,000,000 | $ 100,000,000 | ||
$100 million term loan (2020) | |||||
Secured and Unsecured Debt [Line Items] | |||||
Debt instrument, margin | [2],[4] | 0.95% | |||
Effective interest rate | 1.80% | [2],[4] | 2.39% | ||
Debt Instrument, Maturity Date | [2],[4] | Mar. 25, 2027 | |||
Debt Instrument, Term | 5 years | ||||
Unsecured debt - fixed rate, carrying amount | [2],[4] | $ 100,000,000 | $ 100,000,000 | ||
Basis point reduction in credit spread | basisPoints | 60 | ||||
Debt instrument, margin (in basis points) | basisPoints | 95 | ||||
Debt instrument, fixed interest rate | 1.80% | ||||
$100 million senior unsecured private placement notes (2020) | |||||
Secured and Unsecured Debt [Line Items] | |||||
Effective interest rate | 2.61% | ||||
Debt Instrument, Maturity Date | Oct. 14, 2030 | ||||
Unsecured debt - fixed rate, carrying amount | $ 100,000,000 | 100,000,000 | |||
$75 million senior unsecured private placement notes (2020) | |||||
Secured and Unsecured Debt [Line Items] | |||||
Effective interest rate | 2.71% | ||||
Debt Instrument, Maturity Date | Oct. 14, 2032 | ||||
Unsecured debt - fixed rate, carrying amount | $ 75,000,000 | 75,000,000 | |||
$50 million unsecured term loan (2021) | |||||
Secured and Unsecured Debt [Line Items] | |||||
Debt instrument, margin | [2],[5] | 1.10% | |||
Effective interest rate | [2],[5] | 1.58% | |||
Debt Instrument, Maturity Date | [2],[5] | Mar. 18, 2025 | |||
Unsecured debt - fixed rate, carrying amount | [2],[5] | $ 50,000,000 | 50,000,000 | ||
$125 million senior unsecured private placement notes (2021) | |||||
Secured and Unsecured Debt [Line Items] | |||||
Effective interest rate | 2.74% | ||||
Debt Instrument, Maturity Date | Jun. 10, 2031 | ||||
Unsecured debt - fixed rate, carrying amount | $ 125,000,000 | 125,000,000 | |||
$100 million senior unsecured term loan (new in 2022) | |||||
Secured and Unsecured Debt [Line Items] | |||||
Debt instrument, margin | [2] | 1.40% | |||
Effective interest rate | [2] | 3.06% | |||
Debt Instrument, Maturity Date | [2] | Sep. 29, 2028 | |||
Debt Instrument, Term | 6 years 6 months | ||||
Unsecured debt - fixed rate, carrying amount | [2] | $ 100,000,000 | 0 | ||
$150 million senior note (2022) | |||||
Secured and Unsecured Debt [Line Items] | |||||
Effective interest rate | 3.03% | ||||
Debt Instrument, Maturity Date | Apr. 20, 2032 | ||||
Debt Instrument, Term | 10 years | ||||
Unsecured debt - fixed rate, carrying amount | $ 150,000,000 | 0 | |||
$50 million term loan (2022) | |||||
Secured and Unsecured Debt [Line Items] | |||||
Debt instrument, margin | [2] | 0.95% | |||
Effective interest rate | [2] | 4.09% | |||
Debt Instrument, Maturity Date | [2] | Aug. 30, 2024 | |||
Debt Instrument, Term | 2 years | ||||
Unsecured debt - fixed rate, carrying amount | [2] | $ 50,000,000 | 0 | ||
$ 75 million term loan (2022) | |||||
Secured and Unsecured Debt [Line Items] | |||||
Debt instrument, margin | [2] | 0.95% | |||
Effective interest rate | [2] | 4% | |||
Debt Instrument, Maturity Date | [2] | Aug. 31, 2027 | |||
Debt Instrument, Term | 5 years | ||||
Unsecured debt - fixed rate, carrying amount | [2] | $ 75,000,000 | 0 | ||
$75 million senior unsecured private placement notes (2022) | |||||
Secured and Unsecured Debt [Line Items] | |||||
Effective interest rate | 4.90% | ||||
Debt Instrument, Maturity Date | Oct. 12, 2033 | ||||
Unsecured debt - fixed rate, carrying amount | $ 75,000,000 | 0 | |||
$75 million senior unsecured private placement notes - second tranche (2022) | |||||
Secured and Unsecured Debt [Line Items] | |||||
Effective interest rate | 4.95% | ||||
Debt Instrument, Maturity Date | Oct. 12, 2034 | ||||
Unsecured debt - fixed rate, carrying amount | $ 75,000,000 | 0 | |||
$125 million senior unsecured term loan (total loan with $75M and $50M tranches) | |||||
Secured and Unsecured Debt [Line Items] | |||||
Debt instrument, margin | 0.95% | ||||
Unsecured debt - fixed rate, carrying amount | $ 125,000,000 | ||||
Sustainability-linked pricing component, interest margin reduction (in basis points) | 1 | ||||
Secured and unsecured debt, net of debt issuance costs | |||||
Payments of principal over future years [Abstract] | |||||
2023 | $ 115,119,000 | ||||
2024 | 170,122,000 | ||||
2025 | 145,128,000 | ||||
2026 | 141,672,000 | ||||
2027 | $ 175,000,000 | ||||
$100 million term loan (refinanced in 2021) | |||||
Secured and Unsecured Debt [Line Items] | |||||
Unsecured debt - fixed rate, carrying amount | $ 100,000,000 | ||||
Basis point reduction in credit spread | basisPoints | 65 | ||||
Forty Million Unsecured Term Loan (repaid in 2021) | |||||
Secured and Unsecured Debt [Line Items] | |||||
Effective interest rate | 2.34% | ||||
Unsecured debt, carrying amount repaid | $ 40,000,000 | ||||
New unsecured debt (2021) | |||||
Secured and Unsecured Debt [Line Items] | |||||
Weighted average interest rates (in hundredths) | 2.40% | ||||
Ramona Distribution Center [Member] | |||||
Secured and Unsecured Debt [Line Items] | |||||
Interest Rate (in hundredths) | 3.85% | ||||
Monthly P & I Payment | $ 16,287 | ||||
Maturity Date | 11/30/2026 | ||||
Carrying Amount of Securing Real Estate | $ 8,333,000 | ||||
Secured debt - fixed rate, carrying amount | 2,041,000 | $ 2,156,000 | |||
Notes Payable to Banks [Member] | |||||
Secured and Unsecured Debt [Line Items] | |||||
Unsecured bank credit facilities - variable rate, carrying amount | 170,000,000 | 209,210,000 | |||
Unsecured bank credit facilities, net of debt issuance costs | 168,454,000 | 207,066,000 | |||
Unamortized debt issuance costs | 1,546,000 | 2,144,000 | |||
Unsecured Debt [Member] | |||||
Secured and Unsecured Debt [Line Items] | |||||
Unsecured debt - fixed rate, carrying amount | [6] | 1,695,000,000 | 1,245,000,000 | ||
Unsecured debt, net of debt issuance costs | 1,691,259,000 | 1,242,570,000 | |||
Unamortized debt issuance costs | 3,741,000 | 2,430,000 | |||
Secured Debt [Member] | |||||
Secured and Unsecured Debt [Line Items] | |||||
Secured debt - fixed rate, carrying amount | [6] | 2,041,000 | 2,156,000 | ||
Secured debt, net of debt issuance costs | 2,031,000 | 2,142,000 | |||
Unamortized debt issuance costs | 10,000 | $ 14,000 | |||
$150 million senior unsecured private placement notes (total loan with $75M and $75M tranches) | |||||
Secured and Unsecured Debt [Line Items] | |||||
Unsecured debt - fixed rate, carrying amount | $ 150,000,000 | ||||
Number of notes in debt agreement | Integer | 2 | ||||
$75 million senior unsecured private placement notes (2022) | |||||
Secured and Unsecured Debt [Line Items] | |||||
Debt Instrument, Term | 11 years | ||||
Unsecured debt - fixed rate, carrying amount | $ 75,000,000 | ||||
$75 million senior unsecured private placement notes - second tranche (2022) | |||||
Secured and Unsecured Debt [Line Items] | |||||
Debt Instrument, Term | 12 years | ||||
Unsecured debt - fixed rate, carrying amount | $ 75,000,000 | ||||
[1]The interest rates on these unsecured term loans are comprised of LIBOR plus a margin which is subject to a pricing grid for changes in the Company’s coverage ratings. The Company entered into interest rate swap agreements (further described in Note 12) to convert the loans’ LIBOR rates to effectively fixed interest rates. The interest rates in the table above are the effectively fixed interest rates for the loans, including the effects of the interest rate swaps, as of December 31, 2022.[2] The interest rates on these unsecured term loans are comprised of Term Secured Overnight Financing Rate ( “ SOFR ” ) plus a margin which is subject to a pricing grid for changes in the Company’s coverage ratings. The Company entered into interest rate swap agreements (further described in Note 12) to convert the loans’ Term SOFR rates to effectively fixed interest rates. The interest rates in the table above are the effectively fixed interest rates for the loans, including the effects of the interest rate swaps, as of December 31, 2022. |
ACCOUNTS PAYABLE AND ACCRUED _3
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts Payable and Accrued Liabilities [Abstract] | |||
Property taxes payable | $ 6,823 | $ 4,494 | |
Development costs payable | 21,305 | 17,529 | |
Retainage payable | 11,011 | 10,576 | |
Real estate improvements and capitalized leasing costs payable | 5,182 | 5,798 | |
Interest payable | 9,597 | 6,547 | |
Dividends payable | 55,952 | 46,864 | |
Book overdraft | [1] | 13,370 | 4,845 |
Other payables and accrued expenses | 13,748 | 13,107 | |
Total accounts payable and accrued expenses | $ 136,988 | $ 109,760 | |
[1]Represents checks written before the end of the period which have not cleared the bank; therefore, the bank has not yet advanced cash to the Company. When the checks clear the bank, they will be funded through the Company’s working cash line of credit, which is included in the Company’s Unsecured bank credit facilities. See Note 1(p). |
OTHER LIABILITIES (Details)
OTHER LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Other Liabilities, Unclassified [Abstract] | ||
Security deposits | $ 34,272 | $ 28,343 |
Prepaid rent and other deferred income | 17,004 | 16,401 |
Operating lease liabilities - ground leases | 19,906 | 22,898 |
Operating lease liabilities - office leases | 2,139 | 2,032 |
Acquired below market lease intangibles | 10,735 | 8,124 |
Accumulated Amortization, Acquired Below Market Lease Intangibles | (3,957) | (2,707) |
Acquired below market lease intangibles, net of accumulated amortization | 6,778 | 5,417 |
Interest rate swap liabilities | 1,981 | 935 |
Tenant improvement cost liabilities | 1,570 | 2,796 |
Other liabilities | 16 | 3,516 |
Total Other Liabilities | $ 83,666 | $ 82,338 |
COMMON STOCK ACTIVITY (Details)
COMMON STOCK ACTIVITY (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | |||
Shares outstanding at beginning of year (in shares) | 41,268,846 | 39,676,828 | 38,925,953 |
Common stock offerings (in shares) | 393,406 | 1,551,181 | 709,924 |
Common stock issuance in the purchase of real estate | 1,868,809 | 0 | 0 |
Incentive restricted stock granted (in shares) | 71,217 | 66,623 | 69,446 |
Incentive restricted stock forfeited (in shares) | 0 | 0 | (440) |
Director common stock awarded (in shares) | 161 | 4,466 | 8,182 |
Director restricted stock granted (in shares) | 5,696 | 0 | 208 |
Employee common stock awarded | 2,425 | 0 | 0 |
Stock withheld for tax obligations (in shares) | (35,021) | (30,252) | (36,445) |
Shares outstanding at end of year (in shares) | 43,575,539 | 41,268,846 | 39,676,828 |
Common shares, issued | 393,406 | 1,551,181 | 709,924 |
Net proceeds from Issuance of Common Stock | $ 75,375 | $ 271,155 | $ 92,663 |
At-the-market program, aggregate gross sales price | $ 750,000 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) Integer $ / shares shares | Dec. 31, 2021 USD ($) Integer $ / shares shares | Dec. 31, 2020 USD ($) Integer $ / shares shares | Dec. 31, 2019 $ / shares shares | ||
Stock Compensation Plan disclosure [Abstract] | |||||
Stock-based compensation cost | $ | $ 10,802,000 | $ 9,847,000 | $ 8,502,000 | ||
Award Recipient Type Employee [Member] | |||||
Stock Compensation Plan disclosure [Abstract] | |||||
Share awards granted (in shares) | [1],[2] | 71,217 | 66,623 | 69,446 | |
Restricted Stock Activity [Roll Forward] | |||||
Unvested at beginning of year (in shares) | 106,056 | 113,125 | 130,884 | ||
Granted (in shares) | [1],[2] | 71,217 | 66,623 | 69,446 | |
Forfeited (in shares) | 0 | 0 | (440) | ||
Vested (in shares) | (80,565) | (73,692) | (86,765) | ||
Unvested at end of year (in shares) | 96,708 | 106,056 | 113,125 | 130,884 | |
Share Based Payment Arrangement [Abstract] | |||||
Total Unvested Shares (in shares) | 96,708 | 106,056 | 113,125 | 130,884 | |
Award Recipient Type Employee [Member] | Restricted Stock [Member] | |||||
Stock Compensation Plan disclosure [Abstract] | |||||
Stock-based compensation cost | $ | $ 10,236,000 | $ 9,136,000 | $ 7,605,000 | ||
Stock based compensation cost capitalized as development costs | $ | $ 2,510,000 | $ 2,336,000 | $ 1,923,000 | ||
Grant date fair value of shares issued (in dollars per share) | $ / shares | [1],[2] | $ 121.52 | $ 115.30 | $ 101.19 | |
Compensation is recognized over a weighted average period (in years) | 2 years 7 months 6 days | ||||
Share based compensation, share based payment arrangements other than stock options, unrecognized cost associated with awards not yet vested | $ | $ 4,177,000 | ||||
Shares withheld to satisfy the tax obligations (in shares) | 34,251 | 30,252 | 36,445 | ||
Fair value of shares granted | $ | $ 8,655,000 | $ 7,682,000 | $ 7,028,000 | ||
Fair value of shares vested as of the vesting date | $ | $ 17,124,000 | $ 10,322,000 | $ 11,754,000 | ||
Restricted Stock Activity [Roll Forward] | |||||
Unvested at end of year (in shares) | 96,708 | ||||
Restricted stock activity [Abstract] | |||||
Unvested at beginning of year (in dollars per share) | $ / shares | $ 116.37 | $ 100.86 | $ 82.78 | ||
Granted (in dollars per share) | $ / shares | [1],[2] | 121.52 | 115.30 | 101.19 | |
Forfeited (in dollars per share) | $ / shares | 0 | 0 | 112.14 | ||
Vested (in dollars per share) | $ / shares | 102.42 | 91.59 | 73.80 | ||
Unvested at end of year (in dollars per share) | $ / shares | $ 131.79 | $ 116.37 | $ 100.86 | $ 82.78 | |
Share Based Payment Arrangement [Abstract] | |||||
Unvested shares in 2023 (in shares) | 51,937 | ||||
Unvested shares in 2024 (in shares) | 27,034 | ||||
Unvested shares in 2025 (in shares) | 9,951 | ||||
Unvested shares in 2026 (in shares) | 5,541 | ||||
Unvested shares in 2027 (in shares) | 2,245 | ||||
Total Unvested Shares (in shares) | 96,708 | ||||
Accrued dividends on unvested restricted stock | $ | $ 1,610,000 | $ 1,585,000 | $ 1,433,000 | ||
Award Recipient Type Director [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Annual Director Retainer Stock Award Amount | $ | $ 110,000 | ||||
Stock Compensation Plan disclosure [Abstract] | |||||
Shares available for grant (in shares) | 5,568 | ||||
Stock-based compensation cost | $ | $ 566,000 | $ 711,000 | $ 897,000 | ||
Share awards granted (in shares) | 5,696 | 0 | 208 | ||
Shares issued to directors (in shares) | 4,466 | 8,182 | |||
Restricted Stock Activity [Roll Forward] | |||||
Unvested at beginning of year (in shares) | 156 | 278 | 140 | ||
Granted (in shares) | 5,696 | 0 | 208 | ||
Forfeited (in shares) | 0 | 0 | 0 | ||
Vested (in shares) | (52) | (122) | (70) | ||
Unvested at end of year (in shares) | 5,800 | 156 | 278 | 140 | |
Share Based Payment Arrangement [Abstract] | |||||
Total Unvested Shares (in shares) | 5,800 | 156 | 278 | 140 | |
Award Recipient Type Director [Member] | Restricted Stock [Member] | |||||
Stock Compensation Plan disclosure [Abstract] | |||||
Grant date fair value of shares issued (in dollars per share) | $ / shares | $ 159 | $ 0 | $ 120.39 | ||
Fair value of shares vested as of the vesting date | $ | $ 8,000 | $ 21,000 | $ 9,000 | ||
Restricted stock activity [Abstract] | |||||
Unvested at beginning of year (in dollars per share) | $ / shares | $ 120.39 | $ 112.45 | $ 88.86 | ||
Granted (in dollars per share) | $ / shares | 159 | 0 | 120.39 | ||
Forfeited (in dollars per share) | $ / shares | 0 | 0 | 0 | ||
Vested (in dollars per share) | $ / shares | 120.39 | 102.30 | 88.86 | ||
Unvested at end of year (in dollars per share) | $ / shares | $ 158.31 | $ 120.39 | $ 112.45 | $ 88.86 | |
Management Incentive Plan 2004 [Member] | |||||
Stock Compensation Plan disclosure [Abstract] | |||||
Authorized shares of common stock (in shares) | 1,900,000 | ||||
Equity Incentive Plan 2013 [Member] | |||||
Stock Compensation Plan disclosure [Abstract] | |||||
Authorized shares of common stock (in shares) | 2,000,000 | ||||
Shares available for grant (in shares) | 1,422,437 | 1,477,241 | 1,527,382 | ||
Equity Incentive Plan 2013 [Member] | Long-term equity compensation awards | Service Condition Only Awards [Member] | Executive Officer [Member] | |||||
Stock Compensation Plan disclosure [Abstract] | |||||
Share awards granted (in shares) | 5,830 | 7,801 | 7,217 | 9,947 | |
Grant date fair value of shares issued (in dollars per share) | $ / shares | $ 193.54 | $ 138.93 | $ 131.36 | $ 105.97 | |
Restricted Stock Activity [Roll Forward] | |||||
Granted (in shares) | 5,830 | 7,801 | 7,217 | 9,947 | |
Restricted stock activity [Abstract] | |||||
Granted (in dollars per share) | $ / shares | $ 193.54 | $ 138.93 | $ 131.36 | $ 105.97 | |
Share Based Payment Arrangement [Abstract] | |||||
Grant date | Mar. 03, 2022 | Feb. 25, 2021 | Mar. 06, 2020 | Mar. 07, 2019 | |
Vesting period | 4 years | ||||
Equity Incentive Plan 2013 [Member] | Annual equity compensation awards | Company Performance Awards [Member] | Executive Officer [Member] | |||||
Stock Compensation Plan disclosure [Abstract] | |||||
Grant date fair value of shares issued (in dollars per share) | $ / shares | $ 193.54 | $ 138.93 | $ 131.36 | ||
Restricted stock activity [Abstract] | |||||
Granted (in dollars per share) | $ / shares | $ 193.54 | $ 138.93 | $ 131.36 | ||
Share Based Payment Arrangement [Abstract] | |||||
Grant date | Mar. 03, 2022 | Feb. 25, 2021 | Mar. 06, 2020 | ||
Performance period | 1/1/22 - 12/31/22 | 1/1/21 - 12/31/21 | 1/1/20 - 12/31/20 | ||
Range of earnable shares - low end of range | 0 | 0 | 0 | ||
Range of earnable shares - high end of range | 13,289 | 19,052 | 19,282 | ||
Shares determined | 18,798 | 18,380 | |||
Shares determined | [3] | N/A (1) | |||
Equity Incentive Plan 2013 [Member] | Annual equity compensation awards | Company Performance Awards [Member] | Executive Officer [Member] | End of the one-year performance period | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rights percentage | 34% | ||||
Share Based Payment Arrangement [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 1 year | ||||
Equity Incentive Plan 2013 [Member] | Annual equity compensation awards | Company Performance Awards [Member] | Executive Officer [Member] | Following two years after performance period | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rights percentage | 33% | ||||
Share Based Payment Arrangement [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 2 years | ||||
Equity Incentive Plan 2013 [Member] | Annual equity compensation awards | Individual performance awards [Member] | Executive Officer [Member] | |||||
Stock Compensation Plan disclosure [Abstract] | |||||
Grant date fair value of shares issued (in dollars per share) | $ / shares | $ 190.89 | $ 142.89 | |||
Restricted stock activity [Abstract] | |||||
Granted (in dollars per share) | $ / shares | $ 190.89 | $ 142.89 | |||
Share Based Payment Arrangement [Abstract] | |||||
Grant date | Feb. 16, 2022 | Feb. 17, 2021 | |||
Performance period | 1/1/22 - 12/31/22 | 1/1/21 - 12/31/21 | 1/1/20 - 12/31/20 | ||
Range of earnable shares - low end of range | 0 | 0 | 0 | ||
Range of earnable shares - high end of range | 3,323 | 4,756 | 4,812 | ||
Shares determined | 4,374 | 4,156 | |||
Shares determined | [4] | N/A (1) | |||
Grant date | [4] | N/A (1) | |||
Grant date | N/A (1) | ||||
Equity Incentive Plan 2013 [Member] | Annual equity compensation awards | Individual performance awards [Member] | Executive Officer [Member] | End of the one-year performance period | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rights percentage | 34% | ||||
Share Based Payment Arrangement [Abstract] | |||||
Vesting period | 1 year | ||||
Equity Incentive Plan 2013 [Member] | Annual equity compensation awards | Individual performance awards [Member] | Executive Officer [Member] | Following two years after performance period | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rights percentage | 33% | ||||
Share Based Payment Arrangement [Abstract] | |||||
Vesting period | 2 years | ||||
Equity Incentive Plan 2013 [Member] | Annual equity compensation awards | Service Condition Only Awards [Member] | Non Executive Officers [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rights percentage | 20% | ||||
Stock Compensation Plan disclosure [Abstract] | |||||
Share awards granted (in shares) | 11,225 | 9,200 | 12,300 | ||
Grant date fair value of shares issued (in dollars per share) | $ / shares | $ 148.48 | $ 168.35 | $ 105.30 | ||
Restricted Stock Activity [Roll Forward] | |||||
Granted (in shares) | 11,225 | 9,200 | 12,300 | ||
Restricted stock activity [Abstract] | |||||
Granted (in dollars per share) | $ / shares | $ 148.48 | $ 168.35 | $ 105.30 | ||
Share Based Payment Arrangement [Abstract] | |||||
Grant date | Jun. 20, 2022 | Jul. 07, 2021 | May 06, 2020 | ||
Vesting period | 5 years | ||||
Equity Incentive Plan 2013 [Member] | Award Recipient Type Employee [Member] | Restricted Stock [Member] | |||||
Share Based Payment Arrangement [Abstract] | |||||
Range of earnable shares - low end of range | 0 | ||||
Range of earnable shares - high end of range | 105,485 | ||||
New Director Stock Awards to be Issued in Future Periods [Member] | Award Recipient Type Director [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
New Director Restricted Stock Award Amount to be Awarded in Future Periods | $ | $ 25,000 | ||||
Share Based Payment Arrangement [Abstract] | |||||
Number of years in total shareholder return performance period | Integer | 4 | ||||
New Director Stock Awards to be Issued in Future Periods [Member] | Equity Incentive Plan 2013 [Member] | Award Recipient Type Director [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vesting Rights (% vesting per year in future years) | 25% | ||||
Three year period [Member] | Equity Incentive Plan 2013 [Member] | Restricted Stock [Member] | Service Condition Only Awards [Member] | Executive Officer [Member] | Rate for each of the following four years | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rights percentage | 25% | ||||
Three year period [Member] | Equity Incentive Plan 2013 [Member] | Long-term equity compensation awards | Executive Officer [Member] | |||||
Share Based Payment Arrangement [Abstract] | |||||
Valuation date | Mar. 03, 2022 | Feb. 25, 2021 | Mar. 06, 2020 | ||
Risk Free Interest Rate | 1.64% | 0.39% | 0.62% | ||
Expected Volatility Rate | 30.01% | 30.51% | 16.72% | ||
Expected Volatility Rate for Peer Group Companies, Minimum | 26.32% | 26.87% | 14.40% | ||
Expected Volatility Rate for Peer Group Companies, Maximum | 50.10% | 54.25% | 49.23% | ||
Expected Dividend Rate | 2.27% | 2.27% | 2.28% | ||
Number of simulation paths | Integer | 1,000,000 | 1,000,000 | 1,000,000 | ||
Grant date fair value | $ / shares | $ 2,912,000 | $ 2,941,000 | $ 2,037,000 | ||
Vesting period | 3 years | ||||
Three year period [Member] | Equity Incentive Plan 2013 [Member] | Long-term equity compensation awards | Shareholder Return Awards [Member] | Executive Officer [Member] | |||||
Share Based Payment Arrangement [Abstract] | |||||
Grant date | Mar. 03, 2022 | Feb. 25, 2021 | Mar. 06, 2020 | Mar. 07, 2019 | |
Performance period | 1/1/22 - 12/31/24 | 1/1/21 - 12/31/23 | 1/1/20 - 12/31/22 | 1/1/19 - 12/31/21 | |
Range of earnable shares - low end of range | 0 | 0 | 0 | 0 | |
Range of earnable shares - high end of range | 27,212 | 36,400 | 25,261 | 33,442 | |
Shares determined | 30,990 | ||||
Shares determined | [5] | N/A (1) | N/A (1) | N/A (1) | |
End of three-year performance period | Equity Incentive Plan 2013 [Member] | Long-term equity compensation awards | Executive Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rights percentage | 75% | ||||
Year following the end of the 3 year service period | Equity Incentive Plan 2013 [Member] | Long-term equity compensation awards | Executive Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rights percentage | 25% | ||||
[1]Does not include the restricted shares that may be earned if the performance goals established in 2020 and 2021 for long-term performance and in 2022 for annual and long-term performance are achieved. Depending on the actual level of achievement of the goals at the end of the open performance periods, the number of shares earned could range from zero to 105,485.[2]Includes shares granted in prior years for which performance conditions have been satisfied and the number of shares have been determined[3]The performance conditions for this award have not yet been satisfied and the number of shares have not yet been determined.[4]The performance conditions for this award have not yet been satisfied and the grant date and number of shares have not yet been determined[5]The performance conditions for this award have not yet been satisfied and the number of shares have not yet been determined. |
COMPREHENSIVE INCOME (Details)
COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance at beginning of year | $ 1,302 | $ (10,752) | $ 2,807 |
Other comprehensive income (loss) - interest rate swaps | 35,069 | 12,054 | (13,559) |
Balance at end of year | $ 36,371 | $ 1,302 | $ (10,752) |
DERIVATIVE INSTRUMENTS AND HE_3
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Integer | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Derivative [Line Items] | |||
Number of interest rate swaps | Integer | 8 | ||
Interest Rate Cash Flow Hedge Assets at Fair Value | $ 38,352,000 | $ 2,237,000 | |
Interest Rate Cash Flow Hedge Liabilities at Fair Value | 1,981,000 | 935,000 | |
Swap termination value | 36,959,000 | ||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Cash flow hedge amount to be reclassified to Interest Expense in next 12 months [Line Items] | 16,024,000 | ||
Amount of income (loss) recognized in Other comprehensive income (loss) on derivatives | 37,563,000 | 7,747,000 | $ (17,364,000) |
Amount of (income) loss reclassified from accumulated other comprehensive income (loss) to interest expense | (2,494,000) | 4,307,000 | $ 3,805,000 |
$75 million interest rate swap executed in 2015 [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount of Interest Rate Derivatives | 0 | 75,000,000 | |
$65 million interest rate swap executed in 2016 [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount of Interest Rate Derivatives | 65,000,000 | 65,000,000 | |
$100 million interest rate swap (2019) [Domain] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount of Interest Rate Derivatives | 100,000,000 | 100,000,000 | |
$100 million interest rate swap (2020) | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount of Interest Rate Derivatives | 100,000,000 | 100,000,000 | |
$50 million interest rate swap (2021) | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount of Interest Rate Derivatives | 50,000,000 | 50,000,000 | |
$100 million interest rate swap executed in Q1 2022 | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount of Interest Rate Derivatives | 100,000,000 | 0 | |
$75 million interest rate swap executed in 2022 | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount of Interest Rate Derivatives | 75,000,000 | 0 | |
$50 million interest rate swap executed in 2022 | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount of Interest Rate Derivatives | 50,000,000 | 0 | |
$100 million interest rate swap executed in Q4 2022 | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount of Interest Rate Derivatives | $ 100,000,000 | $ 0 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
BASIC EPS COMPUTATION FOR NET INCOME AVAILABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS [Abstract] | |||
Numerator - net income available to common stockholders | $ 186,182 | $ 157,557 | $ 108,363 |
Denominator - weighted average shares outstanding (in shares) | 42,599 | 40,255 | 39,185 |
DILUTED EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS [Abstract] | |||
Numerator - net income available to common stockholders | $ 186,182 | $ 157,557 | $ 108,363 |
Denominator: [Abstract] | |||
Weighted average shares outstanding | 42,599 | 40,255 | 39,185 |
Unvested restricted stock (in shares) | 113 | 122 | 111 |
Total Shares (in shares) | 42,712 | 40,377 | 39,296 |
DEFINED CONTRIBUTION PLAN (Deta
DEFINED CONTRIBUTION PLAN (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Contribution Plan [Abstract] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay Eligible for Matching Contribution (maximum) | 10% | ||
Defined contribution expense | $ 1,158,000 | $ 1,106,000 | $ 851,000 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | |||
Financial Assets [Abstract] | |||
Cash and Cash Equivalents, at carrying amount | [1] | $ 56 | $ 4,393 |
Interest Rate Swap Assets | [1] | 38,352 | 2,237 |
Financial Liabilities [Abstract] | |||
Unsecured bank credit facilities - variable rate - Fair Value Disclosure | [1],[2] | 170,000 | 209,210 |
Unsecured debt | [1],[2] | 1,695,000 | 1,245,000 |
Secured debt | [1],[2] | 2,041 | 2,156 |
Interest rate swap liabilities | [1] | 1,981 | 935 |
Estimate of Fair Value, Fair Value Disclosure [Member] | |||
Financial Assets [Abstract] | |||
Cash and cash equivalents, at fair value | 56 | 4,393 | |
Interest Rate Swap Assets | 38,352 | 2,237 | |
Financial Liabilities [Abstract] | |||
Unsecured bank credit facilities - variable rate - Fair Value Disclosure | [2] | 169,684 | 209,202 |
Unsecured debt | [2] | 1,548,221 | 1,267,702 |
Secured debt | [2] | 1,918 | 2,269 |
Interest rate swap liabilities | $ 1,981 | $ 935 | |
[1]Carrying amounts shown in the table are included in the Consolidated Balance Sheets under the indicated captions, except as indicated in the notes below. (2) Carrying amounts and fair values shown in the table exclude debt issuance costs (see Notes 5 and 6 for additional information). The following methods and assumptions were used to estimate the fair value of each class of financial instruments: Cash and cash equivalents: The carrying amounts approximate fair value due to the short maturity of those instruments. Interest rate swap assets (included in Other assets on the Consolidated Balance Sheets): The instruments are recorded at fair value based on models using inputs, such as interest rate yield curves, and LIBOR or SOFR swap curves, observable for substantially the full term of the contract (Level 2 input). See Note 12 for additional information on the Company’s interest rate swaps. Unsecured bank credit facilities: The fair value of the Company’s unsecured bank credit facilities is estimated by discounting expected cash flows at current market rates (Level 2 input), excluding the effects of debt issuance costs. Unsecured debt: The fair value of the Company’s unsecured debt is estimated by discounting expected cash flows at the rates currently offered to the Company for debt of the same remaining maturities, as advised by the Company’s bankers (Level 2 input), excluding the effects of debt issuance costs. Secured debt: The fair value of the Company’s secured debt is estimated by discounting expected cash flows at the rates currently offered to the Company for debt of the same remaining maturities, as advised by the Company’s bankers (Level 2 input), excluding the effects of debt issuance costs. Interest rate swap liabilities (included in Other liabilities on the Consolidated Balance Sheets): The instruments are recorded at fair value based on models using inputs, such as interest rate yield curves, and LIBOR or SOFR swap curves, observable for substantially the full term of the contract (Level 2 input). See Note 12 for additional information on the Company’s interest rate swaps. |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Subsequent Event $ in Thousands | 2 Months Ended |
Feb. 14, 2023 USD ($) | |
Bank credit facility expanded effective January 2023 - $675 million | |
Subsequent Event [Line Items] | |
Line of credit facility, amended borrowing capacity | $ 675,000 |
Bank credit facility expanded effective January 2023 - $675 million | Pnc Na Unsecured revolving credit facility [Member] | |
Subsequent Event [Line Items] | |
Line of Credit Facility, Expiration Date | Jul. 30, 2025 |
Bank credit facility obtained in 2021 - $425 and $50 million | |
Subsequent Event [Line Items] | |
Line of Credit Facility, Former Borrowing Capacity | $ 475,000 |
$100 million term loan (2023) | |
Subsequent Event [Line Items] | |
Debt Instrument, Term | 7 years |
Effective interest rate | 5.27% |
Unsecured debt, amount obtained during period | $ 100,000 |
SCHEDULE III (Details)
SCHEDULE III (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [1],[2] | $ 2,041 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [1],[2] | 983,453 | ||||
Buildings and Improvements | [1],[2] | 1,811,745 | ||||
Costs Capitalized Subsequent to Acquisition | [1],[2] | 2,119,832 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [1],[2] | 990,117 | ||||
Buildings and Improvements | [1],[2] | 3,924,913 | ||||
Total | [3] | 4,934,421 | [1],[2] | $ 4,051,325 | $ 3,519,085 | $ 3,264,566 |
Accumulated Depreciation | 1,150,814 | [1],[2] | $ 1,035,617 | $ 955,328 | $ 871,139 | |
Operating leases, Right-of-Use Assets, net of amortization | 19,391 | |||||
Industrial [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 2,041 | |||||
Initial Cost to the Company [Abstract] | ||||||
Land | 728,250 | |||||
Buildings and Improvements | 1,738,347 | |||||
Costs Capitalized Subsequent to Acquisition | 1,909,984 | |||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | 730,445 | |||||
Buildings and Improvements | 3,646,136 | |||||
Total | 4,395,972 | |||||
Accumulated Depreciation | 1,149,251 | |||||
Industrial [Member] | Westport Commerce Center [Member] | Tampa [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 980 | ||||
Buildings and Improvements | [4] | 3,800 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,076 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 980 | ||||
Buildings and Improvements | [4] | 7,876 | ||||
Total | [4] | 8,856 | ||||
Accumulated Depreciation | [4] | $ 5,528 | ||||
Year Acquired | [4] | 1994 | ||||
Year Constructed | [4] | 1983/87 | ||||
Industrial [Member] | Benjamin Distribution Center 1 and 2 [Member] | Tampa [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 843 | ||||
Buildings and Improvements | [4] | 3,963 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,108 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 883 | ||||
Buildings and Improvements | [4] | 6,031 | ||||
Total | [4] | 6,914 | ||||
Accumulated Depreciation | [4] | $ 4,614 | ||||
Year Acquired | [4] | 1997 | ||||
Year Constructed | [4] | 1996 | ||||
Industrial [Member] | Benjamin Distribution Center 3 [Member] | Tampa [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 407 | ||||
Buildings and Improvements | [4] | 1,503 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 778 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 407 | ||||
Buildings and Improvements | [4] | 2,281 | ||||
Total | [4] | 2,688 | ||||
Accumulated Depreciation | [4] | $ 1,804 | ||||
Year Acquired | [4] | 1999 | ||||
Year Constructed | [4] | 1988 | ||||
Industrial [Member] | Palm River Center [Member] | Tampa [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,190 | ||||
Buildings and Improvements | [4] | 4,625 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,233 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,190 | ||||
Buildings and Improvements | [4] | 7,858 | ||||
Total | [4] | 9,048 | ||||
Accumulated Depreciation | [4] | $ 5,953 | ||||
Year Acquired | [4] | 1997/98 | ||||
Year Constructed | [4] | 1990/97/98 | ||||
Industrial [Member] | Palm River North 1 and 3 [Member] | Tampa [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,005 | ||||
Buildings and Improvements | [4] | 4,688 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,472 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,005 | ||||
Buildings and Improvements | [4] | 8,160 | ||||
Total | [4] | 9,165 | ||||
Accumulated Depreciation | [4] | $ 5,434 | ||||
Year Acquired | [4] | 1998 | ||||
Year Constructed | [4] | 2000 | ||||
Industrial [Member] | Palm River North 2 [Member] | Tampa [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 634 | ||||
Buildings and Improvements | [4] | 4,418 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 498 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 634 | ||||
Buildings and Improvements | [4] | 4,916 | ||||
Total | [4] | 5,550 | ||||
Accumulated Depreciation | [4] | $ 3,779 | ||||
Year Acquired | [4] | 1997/98 | ||||
Year Constructed | [4] | 1999 | ||||
Industrial [Member] | Palm River South 1 [Member] | Tampa [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 655 | ||||
Buildings and Improvements | [4] | 3,187 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,120 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 655 | ||||
Buildings and Improvements | [4] | 4,307 | ||||
Total | [4] | 4,962 | ||||
Accumulated Depreciation | [4] | $ 2,290 | ||||
Year Acquired | [4] | 2000 | ||||
Year Constructed | [4] | 2005 | ||||
Industrial [Member] | Palm River South 2 [Member] | Tampa [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 655 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,346 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 655 | ||||
Buildings and Improvements | [4] | 5,346 | ||||
Total | [4] | 6,001 | ||||
Accumulated Depreciation | [4] | $ 2,709 | ||||
Year Acquired | [4] | 2000 | ||||
Year Constructed | [4] | 2006 | ||||
Industrial [Member] | Walden Distribution Center 1 [Member] | Tampa [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 337 | ||||
Buildings and Improvements | [4] | 3,318 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,713 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 337 | ||||
Buildings and Improvements | [4] | 5,031 | ||||
Total | [4] | 5,368 | ||||
Accumulated Depreciation | [4] | $ 2,696 | ||||
Year Acquired | [4] | 1997/98 | ||||
Year Constructed | [4] | 2001 | ||||
Industrial [Member] | Walden Distribution Center 2 [Member] | Tampa [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 465 | ||||
Buildings and Improvements | [4] | 3,738 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,547 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 465 | ||||
Buildings and Improvements | [4] | 5,285 | ||||
Total | [4] | 5,750 | ||||
Accumulated Depreciation | [4] | $ 3,599 | ||||
Year Acquired | [4] | 1998 | ||||
Year Constructed | [4] | 1998 | ||||
Industrial [Member] | Oak Creek Distribution Center 1 [Member] | Tampa [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,109 | ||||
Buildings and Improvements | [4] | 6,126 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,487 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,109 | ||||
Buildings and Improvements | [4] | 7,613 | ||||
Total | [4] | 8,722 | ||||
Accumulated Depreciation | [4] | $ 5,193 | ||||
Year Acquired | [4] | 1998 | ||||
Year Constructed | [4] | 1998 | ||||
Industrial [Member] | Oak Creek Distribution Center 2 [Member] | Tampa [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 647 | ||||
Buildings and Improvements | [4] | 3,603 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,927 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 647 | ||||
Buildings and Improvements | [4] | 5,530 | ||||
Total | [4] | 6,177 | ||||
Accumulated Depreciation | [4] | $ 3,462 | ||||
Year Acquired | [4] | 2003 | ||||
Year Constructed | [4] | 2001 | ||||
Industrial [Member] | Oak Creek Distribution Center 3 [Member] | Tampa [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 439 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,602 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 556 | ||||
Buildings and Improvements | [4] | 3,485 | ||||
Total | [4] | 4,041 | ||||
Accumulated Depreciation | [4] | $ 1,593 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2007 | ||||
Industrial [Member] | Oak Creek Distribution Center 4 [Member] | Tampa [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 682 | ||||
Buildings and Improvements | [4] | 6,472 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,118 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 682 | ||||
Buildings and Improvements | [4] | 7,590 | ||||
Total | [4] | 8,272 | ||||
Accumulated Depreciation | [4] | $ 3,967 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2001 | ||||
Industrial [Member] | Oak Creek Distribution Center 5 [Member] | Tampa [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 724 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,041 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 916 | ||||
Buildings and Improvements | [4] | 5,849 | ||||
Total | [4] | 6,765 | ||||
Accumulated Depreciation | [4] | $ 3,052 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2007 | ||||
Industrial [Member] | Oak Creek Distribution Center 6 [Member] | Tampa [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 642 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,827 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 812 | ||||
Buildings and Improvements | [4] | 5,657 | ||||
Total | [4] | 6,469 | ||||
Accumulated Depreciation | [4] | $ 2,868 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2008 | ||||
Industrial [Member] | Oak Creek Distribution Center 7 [Member] | Tampa [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 740 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,467 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 740 | ||||
Buildings and Improvements | [4] | 6,467 | ||||
Total | [4] | 7,207 | ||||
Accumulated Depreciation | [4] | $ 1,176 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2017 | ||||
Industrial [Member] | Oak Creek Distribution Center 8 [Member] | Tampa [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 843 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,290 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,051 | ||||
Buildings and Improvements | [4] | 6,082 | ||||
Total | [4] | 7,133 | ||||
Accumulated Depreciation | [4] | $ 1,487 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2015 | ||||
Industrial [Member] | Oak Creek Distribution Center 9 [Member] | Tampa [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 618 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,177 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 781 | ||||
Buildings and Improvements | [4] | 5,014 | ||||
Total | [4] | 5,795 | ||||
Accumulated Depreciation | [4] | $ 2,076 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2009 | ||||
Industrial [Member] | Oak Creek Distribution Center A [Member] | Tampa [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 185 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,552 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 185 | ||||
Buildings and Improvements | [4] | 1,552 | ||||
Total | [4] | 1,737 | ||||
Accumulated Depreciation | [4] | $ 692 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2008 | ||||
Industrial [Member] | Oak Creek Distribution Center B [Member] | Tampa [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 227 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,592 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 227 | ||||
Buildings and Improvements | [4] | 1,592 | ||||
Total | [4] | 1,819 | ||||
Accumulated Depreciation | [4] | $ 715 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2008 | ||||
Industrial [Member] | Oak Creek Distribution Center C Land | Tampa [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 355 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,288 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 355 | ||||
Buildings and Improvements | [4] | 1,288 | ||||
Total | [4] | 1,643 | ||||
Accumulated Depreciation | [4] | $ 24 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | n/a | ||||
Industrial [Member] | Airport Commerce Center [Member] | Tampa [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,257 | ||||
Buildings and Improvements | [4] | 4,012 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,147 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,257 | ||||
Buildings and Improvements | [4] | 5,159 | ||||
Total | [4] | 6,416 | ||||
Accumulated Depreciation | [4] | $ 3,392 | ||||
Year Acquired | [4] | 1998 | ||||
Year Constructed | [4] | 1998 | ||||
Industrial [Member] | Westlake Distribution Center [Member] | Tampa [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,333 | ||||
Buildings and Improvements | [4] | 6,998 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,868 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,333 | ||||
Buildings and Improvements | [4] | 9,866 | ||||
Total | [4] | 11,199 | ||||
Accumulated Depreciation | [4] | $ 6,917 | ||||
Year Acquired | [4] | 1998 | ||||
Year Constructed | [4] | 1998/99 | ||||
Industrial [Member] | Expressway Commerce Center 1 [Member] | Tampa [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 915 | ||||
Buildings and Improvements | [4] | 5,346 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,772 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 915 | ||||
Buildings and Improvements | [4] | 7,118 | ||||
Total | [4] | 8,033 | ||||
Accumulated Depreciation | [4] | $ 4,331 | ||||
Year Acquired | [4] | 2002 | ||||
Year Constructed | [4] | 2004 | ||||
Industrial [Member] | Expressway Commerce Center 2 [Member] | Tampa [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,013 | ||||
Buildings and Improvements | [4] | 3,247 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,161 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,013 | ||||
Buildings and Improvements | [4] | 4,408 | ||||
Total | [4] | 5,421 | ||||
Accumulated Depreciation | [4] | $ 2,627 | ||||
Year Acquired | [4] | 2003 | ||||
Year Constructed | [4] | 2001 | ||||
Industrial [Member] | Silo Bend Distribution Center [Member] | Tampa [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 4,131 | ||||
Buildings and Improvements | [4] | 27,497 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,048 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 4,132 | ||||
Buildings and Improvements | [4] | 33,544 | ||||
Total | [4] | 37,676 | ||||
Accumulated Depreciation | [4] | $ 11,720 | ||||
Year Acquired | [4] | 2011 | ||||
Year Constructed | [4] | 1987/90 | ||||
Industrial [Member] | Tampa East Distribution Center [Member] | Tampa [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 791 | ||||
Buildings and Improvements | [4] | 4,758 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 766 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 791 | ||||
Buildings and Improvements | [4] | 5,524 | ||||
Total | [4] | 6,315 | ||||
Accumulated Depreciation | [4] | $ 2,205 | ||||
Year Acquired | [4] | 2011 | ||||
Year Constructed | [4] | 1984 | ||||
Industrial [Member] | Tampa West Distribution Center [Member] | Tampa [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,139 | ||||
Buildings and Improvements | [4] | 8,502 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,942 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,140 | ||||
Buildings and Improvements | [4] | 10,443 | ||||
Total | [4] | 12,583 | ||||
Accumulated Depreciation | [4] | $ 3,690 | ||||
Year Acquired | [4] | 2011 | ||||
Year Constructed | [4] | 1975/93/94 | ||||
Industrial [Member] | Madison Distribution Center [Member] | Tampa [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 495 | ||||
Buildings and Improvements | [4] | 2,779 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 571 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 495 | ||||
Buildings and Improvements | [4] | 3,350 | ||||
Total | [4] | 3,845 | ||||
Accumulated Depreciation | [4] | $ 1,278 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 2007 | ||||
Industrial [Member] | Madison Distribution Center 2 & 3 [Member] | Tampa [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 624 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,194 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 624 | ||||
Buildings and Improvements | [4] | 7,194 | ||||
Total | [4] | 7,818 | ||||
Accumulated Depreciation | [4] | $ 1,896 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 2015 | ||||
Industrial [Member] | Madison Distribution Center 4 & 5 [Member] | Tampa [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 565 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 8,432 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 565 | ||||
Buildings and Improvements | [4] | 8,432 | ||||
Total | [4] | 8,997 | ||||
Accumulated Depreciation | [4] | $ 2,138 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 2016 | ||||
Industrial [Member] | Grand Oaks 75 Business Center 1 [Member] | Tampa [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 3,572 | ||||
Buildings and Improvements | [4] | 12,979 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 297 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 3,572 | ||||
Buildings and Improvements | [4] | 13,276 | ||||
Total | [4] | 16,848 | ||||
Accumulated Depreciation | [4] | $ 1,668 | ||||
Year Acquired | [4] | 2019 | ||||
Year Constructed | [4] | 2017 | ||||
Industrial [Member] | Grand Oaks 75 Business Center 2 [Member] | Tampa [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,589 | ||||
Buildings and Improvements | [4] | 10,226 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,339 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,589 | ||||
Buildings and Improvements | [4] | 12,565 | ||||
Total | [4] | 15,154 | ||||
Accumulated Depreciation | [4] | $ 1,267 | ||||
Year Acquired | [4] | 2019 | ||||
Year Constructed | [4] | 2019 | ||||
Industrial [Member] | Grand Oaks 75 Business Center 3 | Tampa [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,767 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 9,877 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,770 | ||||
Buildings and Improvements | [4] | 9,874 | ||||
Total | [4] | 11,644 | ||||
Accumulated Depreciation | [4] | $ 328 | ||||
Year Acquired | [4] | 2019 | ||||
Year Constructed | [4] | 2021 | ||||
Industrial [Member] | Chancellor Center [Member] | Orlando [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 291 | ||||
Buildings and Improvements | [4] | 1,711 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 576 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 291 | ||||
Buildings and Improvements | [4] | 2,287 | ||||
Total | [4] | 2,578 | ||||
Accumulated Depreciation | [4] | $ 1,635 | ||||
Year Acquired | [4] | 1996/97 | ||||
Year Constructed | [4] | 1996/97 | ||||
Industrial [Member] | Exchange Distribution Center 1 [Member] | Orlando [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 603 | ||||
Buildings and Improvements | [4] | 2,414 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,524 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 603 | ||||
Buildings and Improvements | [4] | 4,938 | ||||
Total | [4] | 5,541 | ||||
Accumulated Depreciation | [4] | $ 3,913 | ||||
Year Acquired | [4] | 1994 | ||||
Year Constructed | [4] | 1975 | ||||
Industrial [Member] | Exchange Distribution Center 2 [Member] | Orlando [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 300 | ||||
Buildings and Improvements | [4] | 945 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 537 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 300 | ||||
Buildings and Improvements | [4] | 1,482 | ||||
Total | [4] | 1,782 | ||||
Accumulated Depreciation | [4] | $ 1,031 | ||||
Year Acquired | [4] | 2002 | ||||
Year Constructed | [4] | 1976 | ||||
Industrial [Member] | Exchange Distribution Center 3 [Member] | Orlando [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 320 | ||||
Buildings and Improvements | [4] | 997 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 450 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 320 | ||||
Buildings and Improvements | [4] | 1,447 | ||||
Total | [4] | 1,767 | ||||
Accumulated Depreciation | [4] | $ 1,049 | ||||
Year Acquired | [4] | 2002 | ||||
Year Constructed | [4] | 1980 | ||||
Industrial [Member] | Sunbelt Distribution Center [Member] | Orlando [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,472 | ||||
Buildings and Improvements | [4] | 5,745 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,884 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,472 | ||||
Buildings and Improvements | [4] | 12,629 | ||||
Total | [4] | 14,101 | ||||
Accumulated Depreciation | [4] | $ 10,122 | ||||
Year Acquired | [4] | 1989/97/98 | ||||
Year Constructed | [4] | 1974/87/97/98 | ||||
Industrial [Member] | John Young Commerce Center 1 [Member] | Orlando [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 497 | ||||
Buildings and Improvements | [4] | 2,444 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,795 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 497 | ||||
Buildings and Improvements | [4] | 4,239 | ||||
Total | [4] | 4,736 | ||||
Accumulated Depreciation | [4] | $ 2,849 | ||||
Year Acquired | [4] | 1997/98 | ||||
Year Constructed | [4] | 1997/98 | ||||
Industrial [Member] | John Young Commerce Center 2 [Member] | Orlando [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 512 | ||||
Buildings and Improvements | [4] | 3,613 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 688 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 512 | ||||
Buildings and Improvements | [4] | 4,301 | ||||
Total | [4] | 4,813 | ||||
Accumulated Depreciation | [4] | $ 3,129 | ||||
Year Acquired | [4] | 1998 | ||||
Year Constructed | [4] | 1999 | ||||
Industrial [Member] | Sunport Center 1 [Member] | Orlando [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 555 | ||||
Buildings and Improvements | [4] | 1,977 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,267 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 555 | ||||
Buildings and Improvements | [4] | 3,244 | ||||
Total | [4] | 3,799 | ||||
Accumulated Depreciation | [4] | $ 2,076 | ||||
Year Acquired | [4] | 1999 | ||||
Year Constructed | [4] | 1999 | ||||
Industrial [Member] | Sunport Center 2 [Member] | Orlando [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 597 | ||||
Buildings and Improvements | [4] | 3,271 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,288 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 597 | ||||
Buildings and Improvements | [4] | 5,559 | ||||
Total | [4] | 6,156 | ||||
Accumulated Depreciation | [4] | $ 4,172 | ||||
Year Acquired | [4] | 1999 | ||||
Year Constructed | [4] | 2001 | ||||
Industrial [Member] | Sunport Center 3 [Member] | Orlando [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 642 | ||||
Buildings and Improvements | [4] | 3,121 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,322 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 642 | ||||
Buildings and Improvements | [4] | 4,443 | ||||
Total | [4] | 5,085 | ||||
Accumulated Depreciation | [4] | $ 2,919 | ||||
Year Acquired | [4] | 1999 | ||||
Year Constructed | [4] | 2002 | ||||
Industrial [Member] | Sunport Center 4 [Member] | Orlando [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 642 | ||||
Buildings and Improvements | [4] | 2,917 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,353 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 642 | ||||
Buildings and Improvements | [4] | 5,270 | ||||
Total | [4] | 5,912 | ||||
Accumulated Depreciation | [4] | $ 3,368 | ||||
Year Acquired | [4] | 1999 | ||||
Year Constructed | [4] | 2004 | ||||
Industrial [Member] | Sunport Center 5 [Member] | Orlando [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 750 | ||||
Buildings and Improvements | [4] | 2,509 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,845 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 750 | ||||
Buildings and Improvements | [4] | 6,354 | ||||
Total | [4] | 7,104 | ||||
Accumulated Depreciation | [4] | $ 3,329 | ||||
Year Acquired | [4] | 1999 | ||||
Year Constructed | [4] | 2005 | ||||
Industrial [Member] | Sunport Center 6 [Member] | Orlando [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 672 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,781 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 672 | ||||
Buildings and Improvements | [4] | 3,781 | ||||
Total | [4] | 4,453 | ||||
Accumulated Depreciation | [4] | $ 1,918 | ||||
Year Acquired | [4] | 1999 | ||||
Year Constructed | [4] | 2006 | ||||
Industrial [Member] | Southridge Commerce Park 1 [Member] | Orlando [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 373 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,290 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 373 | ||||
Buildings and Improvements | [4] | 5,290 | ||||
Total | [4] | 5,663 | ||||
Accumulated Depreciation | [4] | $ 3,474 | ||||
Year Acquired | [4] | 2003 | ||||
Year Constructed | [4] | 2006 | ||||
Industrial [Member] | Southridge Commerce Park 2 [Member] | Orlando [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 342 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,816 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 342 | ||||
Buildings and Improvements | [4] | 4,816 | ||||
Total | [4] | 5,158 | ||||
Accumulated Depreciation | [4] | $ 2,729 | ||||
Year Acquired | [4] | 2003 | ||||
Year Constructed | [4] | 2007 | ||||
Industrial [Member] | Southridge Commerce Park 3 [Member] | Orlando [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 547 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,759 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 547 | ||||
Buildings and Improvements | [4] | 5,759 | ||||
Total | [4] | 6,306 | ||||
Accumulated Depreciation | [4] | $ 2,925 | ||||
Year Acquired | [4] | 2003 | ||||
Year Constructed | [4] | 2007 | ||||
Industrial [Member] | Southridge Commerce Park 4 [Member] | Orlando [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 506 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,984 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 506 | ||||
Buildings and Improvements | [4] | 4,984 | ||||
Total | [4] | 5,490 | ||||
Accumulated Depreciation | [4] | $ 2,512 | ||||
Year Acquired | [4] | 2003 | ||||
Year Constructed | [4] | 2006 | ||||
Industrial [Member] | Southridge Commerce Park 5 [Member] | Orlando [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 382 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,813 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 382 | ||||
Buildings and Improvements | [4] | 4,813 | ||||
Total | [4] | 5,195 | ||||
Accumulated Depreciation | [4] | $ 2,642 | ||||
Year Acquired | [4] | 2003 | ||||
Year Constructed | [4] | 2006 | ||||
Industrial [Member] | Southridge Commerce Park 6 [Member] | Orlando [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 571 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,211 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 571 | ||||
Buildings and Improvements | [4] | 6,211 | ||||
Total | [4] | 6,782 | ||||
Accumulated Depreciation | [4] | $ 2,739 | ||||
Year Acquired | [4] | 2003 | ||||
Year Constructed | [4] | 2007 | ||||
Industrial [Member] | Southridge Commerce Park 7 [Member] | Orlando [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 520 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,906 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 520 | ||||
Buildings and Improvements | [4] | 6,906 | ||||
Total | [4] | 7,426 | ||||
Accumulated Depreciation | [4] | $ 3,322 | ||||
Year Acquired | [4] | 2003 | ||||
Year Constructed | [4] | 2008 | ||||
Industrial [Member] | Southridge Commerce Park 8 [Member] | Orlando [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 531 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,734 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 531 | ||||
Buildings and Improvements | [4] | 6,734 | ||||
Total | [4] | 7,265 | ||||
Accumulated Depreciation | [4] | $ 2,699 | ||||
Year Acquired | [4] | 2003 | ||||
Year Constructed | [4] | 2008 | ||||
Industrial [Member] | Southridge Commerce Park 9 [Member] | Orlando [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 468 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,471 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 468 | ||||
Buildings and Improvements | [4] | 6,471 | ||||
Total | [4] | 6,939 | ||||
Accumulated Depreciation | [4] | $ 2,688 | ||||
Year Acquired | [4] | 2003 | ||||
Year Constructed | [4] | 2012 | ||||
Industrial [Member] | Southridge Commerce Park 10 [Member] | Orlando [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 414 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,885 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 414 | ||||
Buildings and Improvements | [4] | 4,885 | ||||
Total | [4] | 5,299 | ||||
Accumulated Depreciation | [4] | $ 1,533 | ||||
Year Acquired | [4] | 2003 | ||||
Year Constructed | [4] | 2012 | ||||
Industrial [Member] | Southridge Commerce Park 11 [Member] | Orlando [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 513 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,958 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 513 | ||||
Buildings and Improvements | [4] | 5,958 | ||||
Total | [4] | 6,471 | ||||
Accumulated Depreciation | [4] | $ 2,016 | ||||
Year Acquired | [4] | 2003 | ||||
Year Constructed | [4] | 2012 | ||||
Industrial [Member] | Southridge Commerce Park 12 [Member] | Orlando [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,025 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 17,324 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,025 | ||||
Buildings and Improvements | [4] | 17,324 | ||||
Total | [4] | 19,349 | ||||
Accumulated Depreciation | [4] | $ 6,944 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2008 | ||||
Industrial [Member] | Horizon Commerce Park 1 [Member] | Orlando [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 991 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,915 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 991 | ||||
Buildings and Improvements | [4] | 6,915 | ||||
Total | [4] | 7,906 | ||||
Accumulated Depreciation | [4] | $ 2,068 | ||||
Year Acquired | [4] | 2008 | ||||
Year Constructed | [4] | 2014 | ||||
Industrial [Member] | Horizon Commerce Park 2 [Member] | Orlando [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,111 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,749 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,111 | ||||
Buildings and Improvements | [4] | 7,749 | ||||
Total | [4] | 8,860 | ||||
Accumulated Depreciation | [4] | $ 2,206 | ||||
Year Acquired | [4] | 2008 | ||||
Year Constructed | [4] | 2014 | ||||
Industrial [Member] | Horizon Commerce Park 3 [Member] | Orlando [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 991 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,614 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 991 | ||||
Buildings and Improvements | [4] | 6,614 | ||||
Total | [4] | 7,605 | ||||
Accumulated Depreciation | [4] | $ 1,619 | ||||
Year Acquired | [4] | 2008 | ||||
Year Constructed | [4] | 2016 | ||||
Industrial [Member] | Horizon Commerce Park 4 [Member] | Orlando [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,097 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 8,613 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,097 | ||||
Buildings and Improvements | [4] | 8,613 | ||||
Total | [4] | 9,710 | ||||
Accumulated Depreciation | [4] | $ 2,320 | ||||
Year Acquired | [4] | 2008 | ||||
Year Constructed | [4] | 2015 | ||||
Industrial [Member] | Horizon Commerce Park 5 [Member] | Orlando [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,108 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 8,608 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,108 | ||||
Buildings and Improvements | [4] | 8,608 | ||||
Total | [4] | 9,716 | ||||
Accumulated Depreciation | [4] | $ 1,833 | ||||
Year Acquired | [4] | 2008 | ||||
Year Constructed | [4] | 2017 | ||||
Industrial [Member] | Horizon Commerce Park 6 [Member] | Orlando [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,099 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 11,214 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,099 | ||||
Buildings and Improvements | [4] | 11,214 | ||||
Total | [4] | 12,313 | ||||
Accumulated Depreciation | [4] | $ 1,673 | ||||
Year Acquired | [4] | 2008 | ||||
Year Constructed | [4] | 2019 | ||||
Industrial [Member] | Horizon Commerce Park 7 [Member] | Orlando [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 962 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,641 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 962 | ||||
Buildings and Improvements | [4] | 7,641 | ||||
Total | [4] | 8,603 | ||||
Accumulated Depreciation | [4] | $ 1,877 | ||||
Year Acquired | [4] | 2008 | ||||
Year Constructed | [4] | 2017 | ||||
Industrial [Member] | Horizon Commerce Park 8 & 9 [Member] | Orlando [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,590 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 16,628 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,590 | ||||
Buildings and Improvements | [4] | 16,628 | ||||
Total | [4] | 18,218 | ||||
Accumulated Depreciation | [4] | $ 1,727 | ||||
Year Acquired | [4] | 2008 | ||||
Year Constructed | [4] | 2019 | ||||
Industrial [Member] | Horizon Commerce Park 10 [Member] | Orlando [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 846 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,601 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 846 | ||||
Buildings and Improvements | [4] | 6,601 | ||||
Total | [4] | 7,447 | ||||
Accumulated Depreciation | [4] | $ 1,106 | ||||
Year Acquired | [4] | 2009 | ||||
Year Constructed | [4] | 2018 | ||||
Industrial [Member] | Horizon Commerce Park 11 [Member] | Orlando [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,101 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 9,877 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,101 | ||||
Buildings and Improvements | [4] | 9,877 | ||||
Total | [4] | 10,978 | ||||
Accumulated Depreciation | [4] | $ 1,267 | ||||
Year Acquired | [4] | 2009 | ||||
Year Constructed | [4] | 2019 | ||||
Industrial [Member] | Horizon Commerce Park 12 [Member] | Orlando [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,416 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 10,610 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,416 | ||||
Buildings and Improvements | [4] | 10,610 | ||||
Total | [4] | 12,026 | ||||
Accumulated Depreciation | [4] | $ 1,964 | ||||
Year Acquired | [4] | 2009 | ||||
Year Constructed | [4] | 2017 | ||||
Industrial [Member] | Horizon West 2 & 3 | Orlando [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,895 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 15,965 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,895 | ||||
Buildings and Improvements | [4] | 15,965 | ||||
Total | [4] | 18,860 | ||||
Accumulated Depreciation | [4] | $ 706 | ||||
Year Acquired | [4] | 2020 | ||||
Year Constructed | [4] | 2021 | ||||
Industrial [Member] | Horizon West 4 | Orlando [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 4,047 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 21,260 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 4,047 | ||||
Buildings and Improvements | [4] | 21,260 | ||||
Total | [4] | 25,307 | ||||
Accumulated Depreciation | [4] | $ 45 | ||||
Year Acquired | [4] | 2020 | ||||
Year Constructed | [4] | 2022 | ||||
Industrial [Member] | Deerwood Distribution Center [Member] | Jacksonville [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,147 | ||||
Buildings and Improvements | [4] | 1,799 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,763 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,147 | ||||
Buildings and Improvements | [4] | 8,562 | ||||
Total | [4] | 9,709 | ||||
Accumulated Depreciation | [4] | $ 4,860 | ||||
Year Acquired | [4] | 1989 | ||||
Year Constructed | [4] | 1978 | ||||
Industrial [Member] | Phillips Distribution Center [Member] | Jacksonville [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,375 | ||||
Buildings and Improvements | [4] | 2,961 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,307 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,375 | ||||
Buildings and Improvements | [4] | 8,268 | ||||
Total | [4] | 9,643 | ||||
Accumulated Depreciation | [4] | $ 6,384 | ||||
Year Acquired | [4] | 1994 | ||||
Year Constructed | [4] | 1984/95 | ||||
Industrial [Member] | Lake Pointe Business Park [Member] | Jacksonville [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 3,442 | ||||
Buildings and Improvements | [4] | 6,450 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 11,640 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 3,442 | ||||
Buildings and Improvements | [4] | 18,090 | ||||
Total | [4] | 21,532 | ||||
Accumulated Depreciation | [4] | $ 14,202 | ||||
Year Acquired | [4] | 1993 | ||||
Year Constructed | [4] | 1986/87 | ||||
Industrial [Member] | Ellis Distribution Center [Member] | Jacksonville [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 540 | ||||
Buildings and Improvements | [4] | 7,513 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,407 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 540 | ||||
Buildings and Improvements | [4] | 11,920 | ||||
Total | [4] | 12,460 | ||||
Accumulated Depreciation | [4] | $ 6,181 | ||||
Year Acquired | [4] | 1997 | ||||
Year Constructed | [4] | 1977 | ||||
Industrial [Member] | Westside Distribution Center [Member] | Jacksonville [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,011 | ||||
Buildings and Improvements | [4] | 15,374 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 10,286 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,011 | ||||
Buildings and Improvements | [4] | 25,660 | ||||
Total | [4] | 27,671 | ||||
Accumulated Depreciation | [4] | $ 16,113 | ||||
Year Acquired | [4] | 1997/2008 | ||||
Year Constructed | [4] | 1984/85 | ||||
Industrial [Member] | Beach Commerce Center [Member] | Jacksonville [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 476 | ||||
Buildings and Improvements | [4] | 1,899 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 965 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 476 | ||||
Buildings and Improvements | [4] | 2,864 | ||||
Total | [4] | 3,340 | ||||
Accumulated Depreciation | [4] | $ 1,782 | ||||
Year Acquired | [4] | 2000 | ||||
Year Constructed | [4] | 2000 | ||||
Industrial [Member] | Interstate Distribution Center [Member] | Jacksonville [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,879 | ||||
Buildings and Improvements | [4] | 5,700 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,412 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,879 | ||||
Buildings and Improvements | [4] | 8,112 | ||||
Total | [4] | 9,991 | ||||
Accumulated Depreciation | [4] | $ 5,289 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 1990 | ||||
Industrial [Member] | Flagler Center [Member] | Jacksonville [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 7,317 | ||||
Buildings and Improvements | [4] | 14,912 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,307 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 7,317 | ||||
Buildings and Improvements | [4] | 16,219 | ||||
Total | [4] | 23,536 | ||||
Accumulated Depreciation | [4] | $ 3,436 | ||||
Year Acquired | [4] | 2016 | ||||
Year Constructed | [4] | 1997 & 2005 | ||||
Industrial [Member] | Linpro Commerce Center [Member] | Fort Lauderdale/Palm Beach area [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 613 | ||||
Buildings and Improvements | [4] | 2,243 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,295 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 616 | ||||
Buildings and Improvements | [4] | 6,535 | ||||
Total | [4] | 7,151 | ||||
Accumulated Depreciation | [4] | $ 4,771 | ||||
Year Acquired | [4] | 1996 | ||||
Year Constructed | [4] | 1986 | ||||
Industrial [Member] | Lockhart Distribution Center [Member] | Fort Lauderdale/Palm Beach area [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 3,489 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,504 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 6,993 | ||||
Total | [4] | 6,993 | ||||
Accumulated Depreciation | [4] | $ 5,450 | ||||
Year Acquired | [4] | 1997 | ||||
Year Constructed | [4] | 1986 | ||||
Industrial [Member] | Interstate Commerce Center [Member] | Fort Lauderdale/Palm Beach area [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 485 | ||||
Buildings and Improvements | [4] | 2,652 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,113 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 485 | ||||
Buildings and Improvements | [4] | 4,765 | ||||
Total | [4] | 5,250 | ||||
Accumulated Depreciation | [4] | $ 3,051 | ||||
Year Acquired | [4] | 1998 | ||||
Year Constructed | [4] | 1988 | ||||
Industrial [Member] | Executive Airport Distribution Center [Member] | Fort Lauderdale/Palm Beach area [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,991 | ||||
Buildings and Improvements | [4] | 4,857 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,611 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,991 | ||||
Buildings and Improvements | [4] | 11,468 | ||||
Total | [4] | 13,459 | ||||
Accumulated Depreciation | [4] | $ 6,296 | ||||
Year Acquired | [4] | 2001 | ||||
Year Constructed | [4] | 2004/06 | ||||
Industrial [Member] | Sample 95 Business Park [Member] | Fort Lauderdale/Palm Beach area [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,202 | ||||
Buildings and Improvements | [4] | 8,785 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,185 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,202 | ||||
Buildings and Improvements | [4] | 13,970 | ||||
Total | [4] | 16,172 | ||||
Accumulated Depreciation | [4] | $ 9,660 | ||||
Year Acquired | [4] | 1996/98 | ||||
Year Constructed | [4] | 1990/99 | ||||
Industrial [Member] | Blue Heron Distribution Center [Member] | Fort Lauderdale/Palm Beach area [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 975 | ||||
Buildings and Improvements | [4] | 3,626 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,120 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 975 | ||||
Buildings and Improvements | [4] | 6,746 | ||||
Total | [4] | 7,721 | ||||
Accumulated Depreciation | [4] | $ 4,471 | ||||
Year Acquired | [4] | 1999 | ||||
Year Constructed | [4] | 1986 | ||||
Industrial [Member] | Blue Heron Distribution Center 2 [Member] | Fort Lauderdale/Palm Beach area [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,385 | ||||
Buildings and Improvements | [4] | 4,222 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,228 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,385 | ||||
Buildings and Improvements | [4] | 6,450 | ||||
Total | [4] | 7,835 | ||||
Accumulated Depreciation | [4] | $ 3,828 | ||||
Year Acquired | [4] | 2004 | ||||
Year Constructed | [4] | 1988 | ||||
Industrial [Member] | Blue Heron Distribution Center 3 | Fort Lauderdale/Palm Beach area [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 450 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,968 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 450 | ||||
Buildings and Improvements | [4] | 2,968 | ||||
Total | [4] | 3,418 | ||||
Accumulated Depreciation | [4] | $ 1,355 | ||||
Year Acquired | [4] | 2004 | ||||
Year Constructed | [4] | 2009 | ||||
Industrial [Member] | Weston Commerce Park [Member] | Fort Lauderdale/Palm Beach area [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 4,163 | ||||
Buildings and Improvements | [4] | 9,951 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,893 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 4,163 | ||||
Buildings and Improvements | [4] | 11,844 | ||||
Total | [4] | 16,007 | ||||
Accumulated Depreciation | [4] | $ 2,257 | ||||
Year Acquired | [4] | 2016 | ||||
Year Constructed | [4] | 1998 | ||||
Industrial [Member] | SunCoast Commerce Center 1 [Member] | Fort Myers [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 911 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,850 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 928 | ||||
Buildings and Improvements | [4] | 4,833 | ||||
Total | [4] | 5,761 | ||||
Accumulated Depreciation | [4] | $ 2,241 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2008 | ||||
Industrial [Member] | SunCoast Commerce Center 2 [Member] | Fort Myers [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 911 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,046 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 928 | ||||
Buildings and Improvements | [4] | 5,029 | ||||
Total | [4] | 5,957 | ||||
Accumulated Depreciation | [4] | $ 2,495 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2007 | ||||
Industrial [Member] | SunCoast Commerce Center 3 [Member] | Fort Myers [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,720 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,737 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,763 | ||||
Buildings and Improvements | [4] | 6,694 | ||||
Total | [4] | 8,457 | ||||
Accumulated Depreciation | [4] | $ 3,029 | ||||
Year Acquired | [4] | 2006 | ||||
Year Constructed | [4] | 2008 | ||||
Industrial [Member] | SunCoast Commerce Center 4 [Member] | Fort Myers [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,733 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,611 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,762 | ||||
Buildings and Improvements | [4] | 7,582 | ||||
Total | [4] | 9,344 | ||||
Accumulated Depreciation | [4] | $ 1,613 | ||||
Year Acquired | [4] | 2006 | ||||
Year Constructed | [4] | 2017 | ||||
Industrial [Member] | SunCoast Commerce Center 5 [Member] | Fort Myers [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,511 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,737 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,594 | ||||
Buildings and Improvements | [4] | 6,654 | ||||
Total | [4] | 8,248 | ||||
Accumulated Depreciation | [4] | $ 1,135 | ||||
Year Acquired | [4] | 2006 | ||||
Year Constructed | [4] | 2019 | ||||
Industrial [Member] | SunCoast Commerce Center 6 | Fort Myers [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,537 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,080 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,594 | ||||
Buildings and Improvements | [4] | 7,023 | ||||
Total | [4] | 8,617 | ||||
Accumulated Depreciation | [4] | $ 872 | ||||
Year Acquired | [4] | 2006 | ||||
Year Constructed | [4] | 2019 | ||||
Industrial [Member] | SunCoast Commerce Center 7 | Fort Myers [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,533 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,094 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,533 | ||||
Buildings and Improvements | [4] | 7,094 | ||||
Total | [4] | 8,627 | ||||
Accumulated Depreciation | [4] | $ 406 | ||||
Year Acquired | [4] | 2006 | ||||
Year Constructed | [4] | 2020 | ||||
Industrial [Member] | Suncoast Commerce Center 8 [Member] | Fort Myers [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,533 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,789 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,533 | ||||
Buildings and Improvements | [4] | 6,789 | ||||
Total | [4] | 8,322 | ||||
Accumulated Depreciation | [4] | $ 789 | ||||
Year Acquired | [4] | 2006 | ||||
Year Constructed | [4] | 2020 | ||||
Industrial [Member] | SunCoast Commerce Center 12 | Fort Myers [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 785 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,549 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 785 | ||||
Buildings and Improvements | [4] | 7,549 | ||||
Total | [4] | 8,334 | ||||
Accumulated Depreciation | [4] | $ 22 | ||||
Year Acquired | [4] | 2020 | ||||
Year Constructed | [4] | 2022 | ||||
Industrial [Member] | Gateway Commerce Park 1 [Member] | Miami [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 5,746 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 17,737 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 5,746 | ||||
Buildings and Improvements | [4] | 17,737 | ||||
Total | [4] | 23,483 | ||||
Accumulated Depreciation | [4] | $ 2,929 | ||||
Year Acquired | [4] | 2016 | ||||
Year Constructed | [4] | 2018 | ||||
Industrial [Member] | Gateway Commerce Park 3 | Miami [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 5,491 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 12,965 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 3,176 | ||||
Buildings and Improvements | [4] | 15,280 | ||||
Total | [4] | 18,456 | ||||
Accumulated Depreciation | [4] | $ 214 | ||||
Year Acquired | [4] | 2016 | ||||
Year Constructed | [4] | 2022 | ||||
Industrial [Member] | Gateway Commerce Park 4 | Miami [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 4,711 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 19,378 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 4,711 | ||||
Buildings and Improvements | [4] | 19,378 | ||||
Total | [4] | 24,089 | ||||
Accumulated Depreciation | [4] | $ 1,012 | ||||
Year Acquired | [4] | 2016 | ||||
Year Constructed | [4] | 2020 | ||||
Industrial [Member] | Gateway Commerce Park 5 [Member] | Miami [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 5,746 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 18,221 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 5,357 | ||||
Buildings and Improvements | [4] | 18,610 | ||||
Total | [4] | 23,967 | ||||
Accumulated Depreciation | [4] | $ 2,683 | ||||
Year Acquired | [4] | 2016 | ||||
Year Constructed | [4] | 2019 | ||||
Industrial [Member] | Wiegman Distribution Center 1 [Member] | San Francisco area [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,197 | ||||
Buildings and Improvements | [4] | 8,788 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,991 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,308 | ||||
Buildings and Improvements | [4] | 11,668 | ||||
Total | [4] | 13,976 | ||||
Accumulated Depreciation | [4] | $ 7,982 | ||||
Year Acquired | [4] | 1996 | ||||
Year Constructed | [4] | 1986/87 | ||||
Industrial [Member] | Wiegman Distribution Center 2 [Member] | San Francisco area [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,579 | ||||
Buildings and Improvements | [4] | 4,316 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 504 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,579 | ||||
Buildings and Improvements | [4] | 4,820 | ||||
Total | [4] | 7,399 | ||||
Accumulated Depreciation | [4] | $ 1,335 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 1998 | ||||
Industrial [Member] | Huntwood Distribution Center [Member] | San Francisco area [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 3,842 | ||||
Buildings and Improvements | [4] | 15,368 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,305 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 3,842 | ||||
Buildings and Improvements | [4] | 19,673 | ||||
Total | [4] | 23,515 | ||||
Accumulated Depreciation | [4] | $ 13,768 | ||||
Year Acquired | [4] | 1996 | ||||
Year Constructed | [4] | 1988 | ||||
Industrial [Member] | San Clemente Distribution Center [Member] | San Francisco area [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 893 | ||||
Buildings and Improvements | [4] | 2,004 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,023 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 893 | ||||
Buildings and Improvements | [4] | 3,027 | ||||
Total | [4] | 3,920 | ||||
Accumulated Depreciation | [4] | $ 2,218 | ||||
Year Acquired | [4] | 1997 | ||||
Year Constructed | [4] | 1978 | ||||
Industrial [Member] | Yosemite Distribution Center [Member] | San Francisco area [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 259 | ||||
Buildings and Improvements | [4] | 7,058 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,898 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 731 | ||||
Buildings and Improvements | [4] | 8,484 | ||||
Total | [4] | 9,215 | ||||
Accumulated Depreciation | [4] | $ 5,717 | ||||
Year Acquired | [4] | 1999 | ||||
Year Constructed | [4] | 1974/87 | ||||
Industrial [Member] | 6th Street Business Center | San Francisco area [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,438 | ||||
Buildings and Improvements | [4] | 9,513 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 12 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,444 | ||||
Buildings and Improvements | [4] | 9,519 | ||||
Total | [4] | 10,963 | ||||
Accumulated Depreciation | [4] | $ 149 | ||||
Year Acquired | [4] | 2022 | ||||
Year Constructed | [4] | 1966 | ||||
Industrial [Member] | Benicia Distribution Center 1 | San Francisco area [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 6,632 | ||||
Buildings and Improvements | [4] | 36,362 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 6,632 | ||||
Buildings and Improvements | [4] | 36,368 | ||||
Total | [4] | 43,000 | ||||
Accumulated Depreciation | [4] | $ 621 | ||||
Year Acquired | [4] | 2022 | ||||
Year Constructed | [4] | 2005 | ||||
Industrial [Member] | Benicia Distribution Center 2 | San Francisco area [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 7,027 | ||||
Buildings and Improvements | [4] | 36,679 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 101 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 7,027 | ||||
Buildings and Improvements | [4] | 36,780 | ||||
Total | [4] | 43,807 | ||||
Accumulated Depreciation | [4] | $ 623 | ||||
Year Acquired | [4] | 2022 | ||||
Year Constructed | [4] | 2001 | ||||
Industrial [Member] | Benicia Distribution Center 3 | San Francisco area [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,136 | ||||
Buildings and Improvements | [4] | 9,792 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 14 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,136 | ||||
Buildings and Improvements | [4] | 9,806 | ||||
Total | [4] | 11,942 | ||||
Accumulated Depreciation | [4] | $ 168 | ||||
Year Acquired | [4] | 2022 | ||||
Year Constructed | [4] | 1998 | ||||
Industrial [Member] | Benicia Distribution Center 4 | San Francisco area [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 3,191 | ||||
Buildings and Improvements | [4] | 12,993 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 0 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 3,191 | ||||
Buildings and Improvements | [4] | 12,993 | ||||
Total | [4] | 16,184 | ||||
Accumulated Depreciation | [4] | $ 254 | ||||
Year Acquired | [4] | 2022 | ||||
Year Constructed | [4] | 1979 | ||||
Industrial [Member] | Benicia Distribution Center 5 | San Francisco area [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 3,161 | ||||
Buildings and Improvements | [4] | 16,885 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 0 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 3,161 | ||||
Buildings and Improvements | [4] | 16,885 | ||||
Total | [4] | 20,046 | ||||
Accumulated Depreciation | [4] | $ 283 | ||||
Year Acquired | [4] | 2022 | ||||
Year Constructed | [4] | 2007 | ||||
Industrial [Member] | Ettie Business Center | San Francisco area [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 3,751 | ||||
Buildings and Improvements | [4] | 5,236 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 0 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 3,751 | ||||
Buildings and Improvements | [4] | 5,236 | ||||
Total | [4] | 8,987 | ||||
Accumulated Depreciation | [4] | $ 99 | ||||
Year Acquired | [4] | 2022 | ||||
Year Constructed | [4] | 1955 | ||||
Industrial [Member] | Laura Alice Business Center | San Francisco area [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,174 | ||||
Buildings and Improvements | [4] | 2,437 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 0 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,174 | ||||
Buildings and Improvements | [4] | 2,437 | ||||
Total | [4] | 3,611 | ||||
Accumulated Depreciation | [4] | $ 48 | ||||
Year Acquired | [4] | 2022 | ||||
Year Constructed | [4] | 2000 | ||||
Industrial [Member] | Preston Distribution Center | San Francisco area [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 7,261 | ||||
Buildings and Improvements | [4] | 33,833 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 7,261 | ||||
Buildings and Improvements | [4] | 33,835 | ||||
Total | [4] | 41,096 | ||||
Accumulated Depreciation | [4] | $ 554 | ||||
Year Acquired | [4] | 2022 | ||||
Year Constructed | [4] | 1998 | ||||
Industrial [Member] | Sinclair Distrubtion Center | San Francisco area [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 12,488 | ||||
Buildings and Improvements | [4] | 27,259 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 46 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 12,488 | ||||
Buildings and Improvements | [4] | 27,305 | ||||
Total | [4] | 39,793 | ||||
Accumulated Depreciation | [4] | $ 445 | ||||
Year Acquired | [4] | 2022 | ||||
Year Constructed | [4] | 1983 | ||||
Industrial [Member] | Transit Distribution Center | San Francisco area [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 21,317 | ||||
Buildings and Improvements | [4] | 10,635 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 21,317 | ||||
Buildings and Improvements | [4] | 10,637 | ||||
Total | [4] | 31,954 | ||||
Accumulated Depreciation | [4] | $ 209 | ||||
Year Acquired | [4] | 2022 | ||||
Year Constructed | [4] | 1971 | ||||
Industrial [Member] | Whipple Business Center | San Francisco area [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 17,984 | ||||
Buildings and Improvements | [4] | 15,344 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 54 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 17,984 | ||||
Buildings and Improvements | [4] | 15,398 | ||||
Total | [4] | 33,382 | ||||
Accumulated Depreciation | [4] | $ 266 | ||||
Year Acquired | [4] | 2022 | ||||
Year Constructed | [4] | 1986 | ||||
Industrial [Member] | Eucalyptus Distribution Center [Member] | Los Angeles area [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 11,392 | ||||
Buildings and Improvements | [4] | 11,498 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 934 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 11,392 | ||||
Buildings and Improvements | [4] | 12,432 | ||||
Total | [4] | 23,824 | ||||
Accumulated Depreciation | [4] | $ 1,722 | ||||
Year Acquired | [4] | 2018 | ||||
Year Constructed | [4] | 1988 | ||||
Industrial [Member] | Kingsview Industrial Center [Member] | Los Angeles area [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 643 | ||||
Buildings and Improvements | [4] | 2,573 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 792 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 643 | ||||
Buildings and Improvements | [4] | 3,365 | ||||
Total | [4] | 4,008 | ||||
Accumulated Depreciation | [4] | $ 2,453 | ||||
Year Acquired | [4] | 1996 | ||||
Year Constructed | [4] | 1980 | ||||
Industrial [Member] | Dominguez Distribution Center [Member] | Los Angeles area [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,006 | ||||
Buildings and Improvements | [4] | 8,025 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,124 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,006 | ||||
Buildings and Improvements | [4] | 12,149 | ||||
Total | [4] | 14,155 | ||||
Accumulated Depreciation | [4] | $ 7,242 | ||||
Year Acquired | [4] | 1996 | ||||
Year Constructed | [4] | 1977 | ||||
Industrial [Member] | Main Street Distribution Center [Member] | Los Angeles area [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,606 | ||||
Buildings and Improvements | [4] | 4,103 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,280 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,606 | ||||
Buildings and Improvements | [4] | 5,383 | ||||
Total | [4] | 6,989 | ||||
Accumulated Depreciation | [4] | $ 3,399 | ||||
Year Acquired | [4] | 1999 | ||||
Year Constructed | [4] | 1999 | ||||
Industrial [Member] | Walnut Business Center [Member] | Los Angeles area [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,885 | ||||
Buildings and Improvements | [4] | 5,274 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,830 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,885 | ||||
Buildings and Improvements | [4] | 8,104 | ||||
Total | [4] | 10,989 | ||||
Accumulated Depreciation | [4] | $ 5,836 | ||||
Year Acquired | [4] | 1996 | ||||
Year Constructed | [4] | 1966/90 | ||||
Industrial [Member] | Washington Distribution Center [Member] | Los Angeles area [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,636 | ||||
Buildings and Improvements | [4] | 4,900 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 845 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,636 | ||||
Buildings and Improvements | [4] | 5,745 | ||||
Total | [4] | 7,381 | ||||
Accumulated Depreciation | [4] | $ 3,881 | ||||
Year Acquired | [4] | 1997 | ||||
Year Constructed | [4] | 1996/97 | ||||
Industrial [Member] | Chino Distribution Center [Member] | Los Angeles area [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,544 | ||||
Buildings and Improvements | [4] | 10,175 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,131 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,544 | ||||
Buildings and Improvements | [4] | 12,306 | ||||
Total | [4] | 14,850 | ||||
Accumulated Depreciation | [4] | $ 9,949 | ||||
Year Acquired | [4] | 1998 | ||||
Year Constructed | [4] | 1980 | ||||
Industrial [Member] | Ramona Distribution Center [Member] | Los Angeles area [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 2,041 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 3,761 | ||||
Buildings and Improvements | [4] | 5,751 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 160 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 3,761 | ||||
Buildings and Improvements | [4] | 5,911 | ||||
Total | [4] | 9,672 | ||||
Accumulated Depreciation | [4] | $ 1,339 | ||||
Year Acquired | [4] | 2014 | ||||
Year Constructed | [4] | 1984 | ||||
Industrial [Member] | Industry Distribution Center 1 [Member] | Los Angeles area [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 10,230 | ||||
Buildings and Improvements | [4] | 12,373 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,073 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 10,230 | ||||
Buildings and Improvements | [4] | 17,446 | ||||
Total | [4] | 27,676 | ||||
Accumulated Depreciation | [4] | $ 11,978 | ||||
Year Acquired | [4] | 1998 | ||||
Year Constructed | [4] | 1959 | ||||
Industrial [Member] | Industry Distribution Center 3 [Member] | Los Angeles area [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 3,012 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | (140) | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 2,872 | ||||
Total | [4] | 2,872 | ||||
Accumulated Depreciation | [4] | $ 2,856 | ||||
Year Acquired | [4] | 2007 | ||||
Year Constructed | [4] | 1992 | ||||
Industrial [Member] | Chestnut Business Center [Member] | Los Angeles area [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,674 | ||||
Buildings and Improvements | [4] | 3,465 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 496 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,674 | ||||
Buildings and Improvements | [4] | 3,961 | ||||
Total | [4] | 5,635 | ||||
Accumulated Depreciation | [4] | $ 2,448 | ||||
Year Acquired | [4] | 1998 | ||||
Year Constructed | [4] | 1999 | ||||
Industrial [Member] | Los Angeles Corporate Center [Member] | Los Angeles area [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,363 | ||||
Buildings and Improvements | [4] | 5,453 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,487 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,363 | ||||
Buildings and Improvements | [4] | 9,940 | ||||
Total | [4] | 11,303 | ||||
Accumulated Depreciation | [4] | $ 7,129 | ||||
Year Acquired | [4] | 1996 | ||||
Year Constructed | [4] | 1986 | ||||
Industrial [Member] | Rancho Distribution Center | Los Angeles area [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 16,180 | ||||
Buildings and Improvements | [4] | 11,140 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 803 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 16,180 | ||||
Buildings and Improvements | [4] | 11,943 | ||||
Total | [4] | 28,123 | ||||
Accumulated Depreciation | [4] | $ 870 | ||||
Year Acquired | [4] | 2020 | ||||
Year Constructed | [4] | 2006 | ||||
Industrial [Member] | Shaw Commerce Center [Member] | Fresno [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,465 | ||||
Buildings and Improvements | [4] | 11,627 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 8,312 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,465 | ||||
Buildings and Improvements | [4] | 19,939 | ||||
Total | [4] | 22,404 | ||||
Accumulated Depreciation | [4] | $ 14,225 | ||||
Year Acquired | [4] | 1998 | ||||
Year Constructed | [4] | 1978/81/87 | ||||
Industrial [Member] | Eastlake Distribution Center [Member] | San Diego [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 3,046 | ||||
Buildings and Improvements | [4] | 6,888 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,039 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 3,046 | ||||
Buildings and Improvements | [4] | 8,927 | ||||
Total | [4] | 11,973 | ||||
Accumulated Depreciation | [4] | $ 6,413 | ||||
Year Acquired | [4] | 1997 | ||||
Year Constructed | [4] | 1989 | ||||
Industrial [Member] | Miramar Land [Member] | San Diego [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 13,980 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 29 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 13,981 | ||||
Buildings and Improvements | [4] | 28 | ||||
Total | [4] | 14,009 | ||||
Accumulated Depreciation | [4] | $ 2 | ||||
Year Acquired | [4] | 2019 | ||||
Year Constructed | [4] | n/a | ||||
Industrial [Member] | Ocean View Corporate Center [Member] | San Diego [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 6,577 | ||||
Buildings and Improvements | [4] | 7,105 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,923 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 6,577 | ||||
Buildings and Improvements | [4] | 9,028 | ||||
Total | [4] | 15,605 | ||||
Accumulated Depreciation | [4] | $ 4,118 | ||||
Year Acquired | [4] | 2010 | ||||
Year Constructed | [4] | 2005 | ||||
Industrial [Member] | Rocky Point Distribution Center 1 [Member] | San Diego [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 8,857 | ||||
Buildings and Improvements | [4] | 13,388 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 17 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 8,857 | ||||
Buildings and Improvements | [4] | 13,405 | ||||
Total | [4] | 22,262 | ||||
Accumulated Depreciation | [4] | $ 1,896 | ||||
Year Acquired | [4] | 2019 | ||||
Year Constructed | [4] | 2019 | ||||
Industrial [Member] | Rocky Point Distribution Center 2 [Member] | San Diego [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 7,623 | ||||
Buildings and Improvements | [4] | 11,614 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,423 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 7,623 | ||||
Buildings and Improvements | [4] | 13,037 | ||||
Total | [4] | 20,660 | ||||
Accumulated Depreciation | [4] | $ 989 | ||||
Year Acquired | [4] | 2019 | ||||
Year Constructed | [4] | 2019 | ||||
Industrial [Member] | Siempre Viva Distribution Center 1 [Member] | San Diego [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 4,628 | ||||
Buildings and Improvements | [4] | 9,211 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 368 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 4,628 | ||||
Buildings and Improvements | [4] | 9,579 | ||||
Total | [4] | 14,207 | ||||
Accumulated Depreciation | [4] | $ 1,192 | ||||
Year Acquired | [4] | 2018 | ||||
Year Constructed | [4] | 2003 | ||||
Industrial [Member] | Siempre Viva Distribution Center 2 [Member] | San Diego [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,868 | ||||
Buildings and Improvements | [4] | 5,694 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 125 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,877 | ||||
Buildings and Improvements | [4] | 5,810 | ||||
Total | [4] | 8,687 | ||||
Accumulated Depreciation | [4] | $ 606 | ||||
Year Acquired | [4] | 2019 | ||||
Year Constructed | [4] | 2002 | ||||
Industrial [Member] | Siempre Viva Distribution Center 3-6 [Member] | San Diego [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 31,815 | ||||
Buildings and Improvements | [4] | 100,861 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 570 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 31,815 | ||||
Buildings and Improvements | [4] | 101,431 | ||||
Total | [4] | 133,246 | ||||
Accumulated Depreciation | [4] | $ 3,498 | ||||
Year Acquired | [4] | 2021 | ||||
Year Constructed | [4] | 2001-2003 | ||||
Industrial [Member] | Speed Distribution Center | San Diego [Member] | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 15,282 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 57,147 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 15,114 | ||||
Buildings and Improvements | [4] | 57,315 | ||||
Total | [4] | 72,429 | ||||
Accumulated Depreciation | [4] | $ 1,370 | ||||
Year Acquired | [4] | 2019 | ||||
Year Constructed | [4] | 2022 | ||||
Industrial [Member] | Cebrian Distribution Center | Sacramento | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,360 | ||||
Buildings and Improvements | [4] | 13,488 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,360 | ||||
Buildings and Improvements | [4] | 13,493 | ||||
Total | [4] | 15,853 | ||||
Accumulated Depreciation | [4] | $ 250 | ||||
Year Acquired | [4] | 2022 | ||||
Year Constructed | [4] | 1975 | ||||
Industrial [Member] | Reed Distribution Center | Sacramento | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 4,647 | ||||
Buildings and Improvements | [4] | 28,195 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 4,647 | ||||
Buildings and Improvements | [4] | 28,197 | ||||
Total | [4] | 32,844 | ||||
Accumulated Depreciation | [4] | $ 511 | ||||
Year Acquired | [4] | 2022 | ||||
Year Constructed | [4] | 1990 | ||||
Industrial [Member] | Allen Station 1 & 2 [Member] | Dallas and Fort Worth [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 5,815 | ||||
Buildings and Improvements | [4] | 17,612 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,177 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 5,815 | ||||
Buildings and Improvements | [4] | 19,789 | ||||
Total | [4] | 25,604 | ||||
Accumulated Depreciation | [4] | $ 3,712 | ||||
Year Acquired | [4] | 2018 | ||||
Year Constructed | [4] | 2001 | ||||
Industrial [Member] | Arlington Tech Centre 1 & 2 [Member] | Dallas and Fort Worth [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,510 | ||||
Buildings and Improvements | [4] | 10,096 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,323 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,515 | ||||
Buildings and Improvements | [4] | 13,414 | ||||
Total | [4] | 15,929 | ||||
Accumulated Depreciation | [4] | $ 1,250 | ||||
Year Acquired | [4] | 2019 | ||||
Year Constructed | [4] | 2019 | ||||
Industrial [Member] | Basswood 1 & 2 | Dallas and Fort Worth [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 4,086 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 19,894 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 4,087 | ||||
Buildings and Improvements | [4] | 19,893 | ||||
Total | [4] | 23,980 | ||||
Accumulated Depreciation | [4] | $ 165 | ||||
Year Acquired | [4] | 2019 | ||||
Year Constructed | [4] | 2022 | ||||
Industrial [Member] | Interstate Distribution Center 1 and 2 [Member] | Dallas and Fort Worth [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,746 | ||||
Buildings and Improvements | [4] | 4,941 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,041 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,746 | ||||
Buildings and Improvements | [4] | 8,982 | ||||
Total | [4] | 10,728 | ||||
Accumulated Depreciation | [4] | $ 7,851 | ||||
Year Acquired | [4] | 1988 | ||||
Year Constructed | [4] | 1978 | ||||
Industrial [Member] | Interstate Distribution Center 3 [Member] | Dallas and Fort Worth [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 519 | ||||
Buildings and Improvements | [4] | 2,008 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,693 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 519 | ||||
Buildings and Improvements | [4] | 3,701 | ||||
Total | [4] | 4,220 | ||||
Accumulated Depreciation | [4] | $ 2,805 | ||||
Year Acquired | [4] | 2000 | ||||
Year Constructed | [4] | 1979 | ||||
Industrial [Member] | Interstate Distribution Center 4 [Member] | Dallas and Fort Worth [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 416 | ||||
Buildings and Improvements | [4] | 2,481 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 871 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 416 | ||||
Buildings and Improvements | [4] | 3,352 | ||||
Total | [4] | 3,768 | ||||
Accumulated Depreciation | [4] | $ 2,058 | ||||
Year Acquired | [4] | 2004 | ||||
Year Constructed | [4] | 2002 | ||||
Industrial [Member] | Interstate Distribution Center 5, 6, & 7 [Member] | Dallas and Fort Worth [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,824 | ||||
Buildings and Improvements | [4] | 4,106 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,805 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,824 | ||||
Buildings and Improvements | [4] | 6,911 | ||||
Total | [4] | 8,735 | ||||
Accumulated Depreciation | [4] | $ 4,496 | ||||
Year Acquired | [4] | 2009 | ||||
Year Constructed | [4] | 1979/80/81 | ||||
Industrial [Member] | LakePort 1-3 [Member] | Dallas and Fort Worth [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,984 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 22,526 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,984 | ||||
Buildings and Improvements | [4] | 22,526 | ||||
Total | [4] | 25,510 | ||||
Accumulated Depreciation | [4] | $ 1,435 | ||||
Year Acquired | [4] | 2018 | ||||
Year Constructed | [4] | 2020 | ||||
Industrial [Member] | Logistics Center 6 & 7 [Member] | Dallas and Fort Worth [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 12,605 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,219 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 15,824 | ||||
Total | [4] | 15,824 | ||||
Accumulated Depreciation | [4] | $ 2,128 | ||||
Year Acquired | [4] | 2019 | ||||
Year Constructed | [4] | 2018 | ||||
Industrial [Member] | Venture Warehouses [Member] | Dallas and Fort Worth [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,452 | ||||
Buildings and Improvements | [4] | 3,762 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,124 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,452 | ||||
Buildings and Improvements | [4] | 6,886 | ||||
Total | [4] | 8,338 | ||||
Accumulated Depreciation | [4] | $ 5,981 | ||||
Year Acquired | [4] | 1988 | ||||
Year Constructed | [4] | 1979 | ||||
Industrial [Member] | ParkView Commerce Center 1-3 [Member] | Dallas and Fort Worth [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,663 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 19,109 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,663 | ||||
Buildings and Improvements | [4] | 19,109 | ||||
Total | [4] | 21,772 | ||||
Accumulated Depreciation | [4] | $ 4,845 | ||||
Year Acquired | [4] | 2014 | ||||
Year Constructed | [4] | 2015 | ||||
Industrial [Member] | Shady Trail Distribution Center [Member] | Dallas and Fort Worth [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 635 | ||||
Buildings and Improvements | [4] | 3,621 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,408 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 635 | ||||
Buildings and Improvements | [4] | 5,029 | ||||
Total | [4] | 5,664 | ||||
Accumulated Depreciation | [4] | $ 3,194 | ||||
Year Acquired | [4] | 2003 | ||||
Year Constructed | [4] | 1998 | ||||
Industrial [Member] | Valwood Distribution Center [Member] | Dallas and Fort Worth [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 4,361 | ||||
Buildings and Improvements | [4] | 34,405 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,946 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 4,361 | ||||
Buildings and Improvements | [4] | 39,351 | ||||
Total | [4] | 43,712 | ||||
Accumulated Depreciation | [4] | $ 14,474 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 1986/87/97/98 | ||||
Industrial [Member] | Northfield Distribution Center [Member] | Dallas and Fort Worth [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 12,470 | ||||
Buildings and Improvements | [4] | 50,713 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 8,555 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 12,471 | ||||
Buildings and Improvements | [4] | 59,267 | ||||
Total | [4] | 71,738 | ||||
Accumulated Depreciation | [4] | $ 21,088 | ||||
Year Acquired | [4] | 2013 | ||||
Year Constructed | [4] | 1999-2001/03/04/08 | ||||
Industrial [Member] | Parc North 1-4 [Member] | Dallas and Fort Worth [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 4,615 | ||||
Buildings and Improvements | [4] | 26,358 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,427 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 4,615 | ||||
Buildings and Improvements | [4] | 32,785 | ||||
Total | [4] | 37,400 | ||||
Accumulated Depreciation | [4] | $ 7,964 | ||||
Year Acquired | [4] | 2016 | ||||
Year Constructed | [4] | 2016 | ||||
Industrial [Member] | Parc North 5 [Member] | Dallas and Fort Worth [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,286 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 8,044 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,286 | ||||
Buildings and Improvements | [4] | 8,044 | ||||
Total | [4] | 9,330 | ||||
Accumulated Depreciation | [4] | $ 1,195 | ||||
Year Acquired | [4] | 2016 | ||||
Year Constructed | [4] | 2019 | ||||
Industrial [Member] | Parc North 6 [Member] | Dallas and Fort Worth [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,233 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 9,537 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,233 | ||||
Buildings and Improvements | [4] | 9,537 | ||||
Total | [4] | 10,770 | ||||
Accumulated Depreciation | [4] | $ 1,182 | ||||
Year Acquired | [4] | 2016 | ||||
Year Constructed | [4] | 2019 | ||||
Industrial [Member] | CreekView 1&2 [Member] | Dallas and Fort Worth [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 3,275 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 14,936 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 3,275 | ||||
Buildings and Improvements | [4] | 14,936 | ||||
Total | [4] | 18,211 | ||||
Accumulated Depreciation | [4] | $ 4,000 | ||||
Year Acquired | [4] | 2015 | ||||
Year Constructed | [4] | 2017 | ||||
Industrial [Member] | CreekView 3 & 4 [Member] | Dallas and Fort Worth [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,600 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 13,551 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,600 | ||||
Buildings and Improvements | [4] | 13,551 | ||||
Total | [4] | 16,151 | ||||
Accumulated Depreciation | [4] | $ 2,904 | ||||
Year Acquired | [4] | 2015 | ||||
Year Constructed | [4] | 2018 | ||||
Industrial [Member] | CreekView 5 & 6 [Member] | Dallas and Fort Worth [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,682 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 12,910 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,681 | ||||
Buildings and Improvements | [4] | 12,911 | ||||
Total | [4] | 15,592 | ||||
Accumulated Depreciation | [4] | $ 1,791 | ||||
Year Acquired | [4] | 2016 | ||||
Year Constructed | [4] | 2020 | ||||
Industrial [Member] | CreekView 7 & 8 [Member] | Dallas and Fort Worth [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,640 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 15,290 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,640 | ||||
Buildings and Improvements | [4] | 15,290 | ||||
Total | [4] | 17,930 | ||||
Accumulated Depreciation | [4] | $ 1,655 | ||||
Year Acquired | [4] | 2016 | ||||
Year Constructed | [4] | 2020 | ||||
Industrial [Member] | CreekView 9 & 10 | Dallas and Fort Worth [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to the Company [Abstract] | ||||||
Land | 3,985 | |||||
Buildings and Improvements | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 12,191 | |||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | 3,987 | |||||
Buildings and Improvements | 12,189 | |||||
Total | 16,176 | |||||
Accumulated Depreciation | $ 173 | |||||
Year Acquired | 2020 | |||||
Year Constructed | 2022 | |||||
Industrial [Member] | The Rock at Star Business Park | Dallas and Fort Worth [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 5,296 | ||||
Buildings and Improvements | [4] | 27,223 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 295 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 5,296 | ||||
Buildings and Improvements | [4] | 27,518 | ||||
Total | [4] | 32,814 | ||||
Accumulated Depreciation | [4] | $ 3,386 | ||||
Year Acquired | [4] | 2020 | ||||
Year Constructed | [4] | 2019 | ||||
Industrial [Member] | DFW Global Logistics Centre | Dallas and Fort Worth [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 86,564 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 576 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 87,140 | ||||
Total | [4] | 87,140 | ||||
Accumulated Depreciation | [4] | $ 4,327 | ||||
Year Acquired | [4] | 2021 | ||||
Year Constructed | [4] | 2014/15 | ||||
Industrial [Member] | World Houston Intl Business Ctr 1 and 2 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 660 | ||||
Buildings and Improvements | [4] | 5,893 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,830 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 660 | ||||
Buildings and Improvements | [4] | 8,723 | ||||
Total | [4] | 9,383 | ||||
Accumulated Depreciation | [4] | $ 6,185 | ||||
Year Acquired | [4] | 1998 | ||||
Year Constructed | [4] | 1996 | ||||
Industrial [Member] | World Houston Intl Business Ctr 3 and 4 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 820 | ||||
Buildings and Improvements | [4] | 5,130 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,230 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 707 | ||||
Buildings and Improvements | [4] | 6,473 | ||||
Total | [4] | 7,180 | ||||
Accumulated Depreciation | [4] | $ 4,112 | ||||
Year Acquired | [4] | 1998 | ||||
Year Constructed | [4] | 1998 | ||||
Industrial [Member] | World Houston Intl Business Ctr 6 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 425 | ||||
Buildings and Improvements | [4] | 2,423 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 747 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 425 | ||||
Buildings and Improvements | [4] | 3,170 | ||||
Total | [4] | 3,595 | ||||
Accumulated Depreciation | [4] | $ 2,292 | ||||
Year Acquired | [4] | 1998 | ||||
Year Constructed | [4] | 1998 | ||||
Industrial [Member] | World Houston Intl Business Ctr 7 and 8 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 680 | ||||
Buildings and Improvements | [4] | 4,584 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,584 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 680 | ||||
Buildings and Improvements | [4] | 10,168 | ||||
Total | [4] | 10,848 | ||||
Accumulated Depreciation | [4] | $ 7,175 | ||||
Year Acquired | [4] | 1998 | ||||
Year Constructed | [4] | 1998 | ||||
Industrial [Member] | World Houston Intl Business Ctr 9 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 800 | ||||
Buildings and Improvements | [4] | 4,355 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,177 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 800 | ||||
Buildings and Improvements | [4] | 6,532 | ||||
Total | [4] | 7,332 | ||||
Accumulated Depreciation | [4] | $ 4,110 | ||||
Year Acquired | [4] | 1998 | ||||
Year Constructed | [4] | 1998 | ||||
Industrial [Member] | World Houston Intl Business Ctr 10 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 933 | ||||
Buildings and Improvements | [4] | 4,779 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 914 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 933 | ||||
Buildings and Improvements | [4] | 5,693 | ||||
Total | [4] | 6,626 | ||||
Accumulated Depreciation | [4] | $ 3,588 | ||||
Year Acquired | [4] | 2001 | ||||
Year Constructed | [4] | 1999 | ||||
Industrial [Member] | World Houston Intl Business Ctr 11 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 638 | ||||
Buildings and Improvements | [4] | 3,764 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,821 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 638 | ||||
Buildings and Improvements | [4] | 5,585 | ||||
Total | [4] | 6,223 | ||||
Accumulated Depreciation | [4] | $ 3,588 | ||||
Year Acquired | [4] | 1999 | ||||
Year Constructed | [4] | 1999 | ||||
Industrial [Member] | World Houston Intl Business Ctr 12 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 340 | ||||
Buildings and Improvements | [4] | 2,419 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 393 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 340 | ||||
Buildings and Improvements | [4] | 2,812 | ||||
Total | [4] | 3,152 | ||||
Accumulated Depreciation | [4] | $ 1,916 | ||||
Year Acquired | [4] | 2000 | ||||
Year Constructed | [4] | 2002 | ||||
Industrial [Member] | World Houston Intl Business Ctr 13 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 282 | ||||
Buildings and Improvements | [4] | 2,569 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,137 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 282 | ||||
Buildings and Improvements | [4] | 3,706 | ||||
Total | [4] | 3,988 | ||||
Accumulated Depreciation | [4] | $ 2,424 | ||||
Year Acquired | [4] | 2000 | ||||
Year Constructed | [4] | 2002 | ||||
Industrial [Member] | World Houston Intl Business Ctr 14 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 722 | ||||
Buildings and Improvements | [4] | 2,629 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,614 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 722 | ||||
Buildings and Improvements | [4] | 4,243 | ||||
Total | [4] | 4,965 | ||||
Accumulated Depreciation | [4] | $ 2,725 | ||||
Year Acquired | [4] | 2000 | ||||
Year Constructed | [4] | 2003 | ||||
Industrial [Member] | World Houston Intl Business Ctr 15 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 249 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,562 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 249 | ||||
Buildings and Improvements | [4] | 2,562 | ||||
Total | [4] | 2,811 | ||||
Accumulated Depreciation | [4] | $ 1,600 | ||||
Year Acquired | [4] | 2000 | ||||
Year Constructed | [4] | 2007 | ||||
Industrial [Member] | World Houston Intl Business Ctr 16 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 519 | ||||
Buildings and Improvements | [4] | 4,248 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,070 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 519 | ||||
Buildings and Improvements | [4] | 6,318 | ||||
Total | [4] | 6,837 | ||||
Accumulated Depreciation | [4] | $ 3,771 | ||||
Year Acquired | [4] | 2000 | ||||
Year Constructed | [4] | 2005 | ||||
Industrial [Member] | World Houston Intl Business Ctr 17 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 373 | ||||
Buildings and Improvements | [4] | 1,945 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,188 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 373 | ||||
Buildings and Improvements | [4] | 3,133 | ||||
Total | [4] | 3,506 | ||||
Accumulated Depreciation | [4] | $ 1,729 | ||||
Year Acquired | [4] | 2000 | ||||
Year Constructed | [4] | 2004 | ||||
Industrial [Member] | World Houston Intl Business Ctr 19 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 373 | ||||
Buildings and Improvements | [4] | 2,256 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,331 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 373 | ||||
Buildings and Improvements | [4] | 3,587 | ||||
Total | [4] | 3,960 | ||||
Accumulated Depreciation | [4] | $ 2,329 | ||||
Year Acquired | [4] | 2000 | ||||
Year Constructed | [4] | 2004 | ||||
Industrial [Member] | World Houston Intl Business Ctr 20 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,008 | ||||
Buildings and Improvements | [4] | 1,948 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,206 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,008 | ||||
Buildings and Improvements | [4] | 4,154 | ||||
Total | [4] | 5,162 | ||||
Accumulated Depreciation | [4] | $ 2,794 | ||||
Year Acquired | [4] | 2000 | ||||
Year Constructed | [4] | 2004 | ||||
Industrial [Member] | World Houston Intl Business Ctr 21 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 436 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,158 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 436 | ||||
Buildings and Improvements | [4] | 4,158 | ||||
Total | [4] | 4,594 | ||||
Accumulated Depreciation | [4] | $ 2,228 | ||||
Year Acquired | [4] | 2000/03 | ||||
Year Constructed | [4] | 2006 | ||||
Industrial [Member] | World Houston Intl Business Ctr 22 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 436 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,679 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 436 | ||||
Buildings and Improvements | [4] | 4,679 | ||||
Total | [4] | 5,115 | ||||
Accumulated Depreciation | [4] | $ 2,620 | ||||
Year Acquired | [4] | 2000 | ||||
Year Constructed | [4] | 2007 | ||||
Industrial [Member] | World Houston Intl Business Ctr 23 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 910 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,758 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 910 | ||||
Buildings and Improvements | [4] | 7,758 | ||||
Total | [4] | 8,668 | ||||
Accumulated Depreciation | [4] | $ 4,001 | ||||
Year Acquired | [4] | 2000 | ||||
Year Constructed | [4] | 2007 | ||||
Industrial [Member] | World Houston Intl Business Ctr 24 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 837 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,519 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 838 | ||||
Buildings and Improvements | [4] | 6,518 | ||||
Total | [4] | 7,356 | ||||
Accumulated Depreciation | [4] | $ 3,344 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2008 | ||||
Industrial [Member] | World Houston Intl Business Ctr 25 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 508 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,601 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 508 | ||||
Buildings and Improvements | [4] | 4,601 | ||||
Total | [4] | 5,109 | ||||
Accumulated Depreciation | [4] | $ 2,304 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2008 | ||||
Industrial [Member] | World Houston Intl Business Ctr 26 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 445 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,275 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 445 | ||||
Buildings and Improvements | [4] | 3,275 | ||||
Total | [4] | 3,720 | ||||
Accumulated Depreciation | [4] | $ 1,506 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2008 | ||||
Industrial [Member] | World Houston Intl Business Ctr 27 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 837 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,206 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 838 | ||||
Buildings and Improvements | [4] | 5,205 | ||||
Total | [4] | 6,043 | ||||
Accumulated Depreciation | [4] | $ 2,834 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2008 | ||||
Industrial [Member] | World Houston Intl Business Ctr 28 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 550 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,748 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 550 | ||||
Buildings and Improvements | [4] | 4,748 | ||||
Total | [4] | 5,298 | ||||
Accumulated Depreciation | [4] | $ 2,497 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2009 | ||||
Industrial [Member] | World Houston Intl Business Ctr 29 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 782 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,191 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 974 | ||||
Buildings and Improvements | [4] | 3,999 | ||||
Total | [4] | 4,973 | ||||
Accumulated Depreciation | [4] | $ 1,791 | ||||
Year Acquired | [4] | 2007 | ||||
Year Constructed | [4] | 2009 | ||||
Industrial [Member] | World Houston Intl Business Ctr 30 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 981 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,125 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,222 | ||||
Buildings and Improvements | [4] | 5,884 | ||||
Total | [4] | 7,106 | ||||
Accumulated Depreciation | [4] | $ 2,906 | ||||
Year Acquired | [4] | 2007 | ||||
Year Constructed | [4] | 2009 | ||||
Industrial [Member] | World Houston Intl Business Ctr 31 Member | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 684 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,310 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 684 | ||||
Buildings and Improvements | [4] | 4,310 | ||||
Total | [4] | 4,994 | ||||
Accumulated Depreciation | [4] | $ 2,128 | ||||
Year Acquired | [4] | 2008 | ||||
Year Constructed | [4] | 2011 | ||||
Industrial [Member] | World Houston Intl Business Ctr 31B [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 546 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,728 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 546 | ||||
Buildings and Improvements | [4] | 3,728 | ||||
Total | [4] | 4,274 | ||||
Accumulated Depreciation | [4] | $ 1,648 | ||||
Year Acquired | [4] | 2008 | ||||
Year Constructed | [4] | 2012 | ||||
Industrial [Member] | World Houston Intl Business Ctr 32 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,225 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,663 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,526 | ||||
Buildings and Improvements | [4] | 5,362 | ||||
Total | [4] | 6,888 | ||||
Accumulated Depreciation | [4] | $ 2,039 | ||||
Year Acquired | [4] | 2007 | ||||
Year Constructed | [4] | 2012 | ||||
Industrial [Member] | World Houston 33 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,166 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,978 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,166 | ||||
Buildings and Improvements | [4] | 7,978 | ||||
Total | [4] | 9,144 | ||||
Accumulated Depreciation | [4] | $ 2,854 | ||||
Year Acquired | [4] | 2011 | ||||
Year Constructed | [4] | 2013 | ||||
Industrial [Member] | World Houston 34 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 439 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,457 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 439 | ||||
Buildings and Improvements | [4] | 3,457 | ||||
Total | [4] | 3,896 | ||||
Accumulated Depreciation | [4] | $ 1,237 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2012 | ||||
Industrial [Member] | World Houston 35 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 340 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,609 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 340 | ||||
Buildings and Improvements | [4] | 2,609 | ||||
Total | [4] | 2,949 | ||||
Accumulated Depreciation | [4] | $ 783 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2012 | ||||
Industrial [Member] | World Houston 36 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 684 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,078 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 684 | ||||
Buildings and Improvements | [4] | 5,078 | ||||
Total | [4] | 5,762 | ||||
Accumulated Depreciation | [4] | $ 1,872 | ||||
Year Acquired | [4] | 2011 | ||||
Year Constructed | [4] | 2013 | ||||
Industrial [Member] | World Houston 37 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 759 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,744 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 759 | ||||
Buildings and Improvements | [4] | 6,744 | ||||
Total | [4] | 7,503 | ||||
Accumulated Depreciation | [4] | $ 2,424 | ||||
Year Acquired | [4] | 2011 | ||||
Year Constructed | [4] | 2013 | ||||
Industrial [Member] | World Houston 38 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,053 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,881 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,053 | ||||
Buildings and Improvements | [4] | 7,881 | ||||
Total | [4] | 8,934 | ||||
Accumulated Depreciation | [4] | $ 2,763 | ||||
Year Acquired | [4] | 2011 | ||||
Year Constructed | [4] | 2013 | ||||
Industrial [Member] | World Houston 39 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 620 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,310 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 621 | ||||
Buildings and Improvements | [4] | 5,309 | ||||
Total | [4] | 5,930 | ||||
Accumulated Depreciation | [4] | $ 1,526 | ||||
Year Acquired | [4] | 2011 | ||||
Year Constructed | [4] | 2014 | ||||
Industrial [Member] | World Houston 40 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,072 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 9,426 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,072 | ||||
Buildings and Improvements | [4] | 9,426 | ||||
Total | [4] | 10,498 | ||||
Accumulated Depreciation | [4] | $ 2,636 | ||||
Year Acquired | [4] | 2011 | ||||
Year Constructed | [4] | 2014 | ||||
Industrial [Member] | World Houston 41 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 649 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,039 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 649 | ||||
Buildings and Improvements | [4] | 6,039 | ||||
Total | [4] | 6,688 | ||||
Accumulated Depreciation | [4] | $ 1,707 | ||||
Year Acquired | [4] | 2011 | ||||
Year Constructed | [4] | 2014 | ||||
Industrial [Member] | World Houston 42 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 571 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,814 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 571 | ||||
Buildings and Improvements | [4] | 4,814 | ||||
Total | [4] | 5,385 | ||||
Accumulated Depreciation | [4] | $ 1,225 | ||||
Year Acquired | [4] | 2011 | ||||
Year Constructed | [4] | 2015 | ||||
Industrial [Member] | World Houston 43 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 443 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,137 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 443 | ||||
Buildings and Improvements | [4] | 6,137 | ||||
Total | [4] | 6,580 | ||||
Accumulated Depreciation | [4] | $ 867 | ||||
Year Acquired | [4] | 2011 | ||||
Year Constructed | [4] | 2019 | ||||
Industrial [Member] | World Houston 44 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 653 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 8,558 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 653 | ||||
Buildings and Improvements | [4] | 8,558 | ||||
Total | [4] | 9,211 | ||||
Accumulated Depreciation | [4] | $ 664 | ||||
Year Acquired | [4] | 2011 | ||||
Year Constructed | [4] | 2020 | ||||
Industrial [Member] | World Houston 45 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 3,243 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 13,745 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 3,243 | ||||
Buildings and Improvements | [4] | 13,745 | ||||
Total | [4] | 16,988 | ||||
Accumulated Depreciation | [4] | $ 1,479 | ||||
Year Acquired | [4] | 2015 | ||||
Year Constructed | [4] | 2019 | ||||
Industrial [Member] | World Houston 47 | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,798 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 14,465 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,798 | ||||
Buildings and Improvements | [4] | 14,465 | ||||
Total | [4] | 17,263 | ||||
Accumulated Depreciation | [4] | $ 62 | ||||
Year Acquired | [4] | 2015 | ||||
Year Constructed | [4] | 2022 | ||||
Industrial [Member] | Glenmont Business Park [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 936 | ||||
Buildings and Improvements | [4] | 6,161 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,672 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 937 | ||||
Buildings and Improvements | [4] | 9,832 | ||||
Total | [4] | 10,769 | ||||
Accumulated Depreciation | [4] | $ 6,550 | ||||
Year Acquired | [4] | 1998 | ||||
Year Constructed | [4] | 1999/2000 | ||||
Industrial [Member] | Beltway Crossing 1 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 458 | ||||
Buildings and Improvements | [4] | 5,712 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,369 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 458 | ||||
Buildings and Improvements | [4] | 9,081 | ||||
Total | [4] | 9,539 | ||||
Accumulated Depreciation | [4] | $ 5,860 | ||||
Year Acquired | [4] | 2002 | ||||
Year Constructed | [4] | 2001 | ||||
Industrial [Member] | Beltway Crossing 2 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 415 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,243 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 415 | ||||
Buildings and Improvements | [4] | 3,243 | ||||
Total | [4] | 3,658 | ||||
Accumulated Depreciation | [4] | $ 1,679 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2007 | ||||
Industrial [Member] | Beltway Crossing 3 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 460 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,333 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 460 | ||||
Buildings and Improvements | [4] | 3,333 | ||||
Total | [4] | 3,793 | ||||
Accumulated Depreciation | [4] | $ 1,791 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2008 | ||||
Industrial [Member] | Beltway Crossing 4 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 460 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,344 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 460 | ||||
Buildings and Improvements | [4] | 3,344 | ||||
Total | [4] | 3,804 | ||||
Accumulated Depreciation | [4] | $ 1,744 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2008 | ||||
Industrial [Member] | Beltway Crossing 5 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 701 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,357 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 701 | ||||
Buildings and Improvements | [4] | 5,357 | ||||
Total | [4] | 6,058 | ||||
Accumulated Depreciation | [4] | $ 2,873 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2008 | ||||
Industrial [Member] | Beltway Crossing 6 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 618 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,440 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 618 | ||||
Buildings and Improvements | [4] | 6,440 | ||||
Total | [4] | 7,058 | ||||
Accumulated Depreciation | [4] | $ 2,812 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2008 | ||||
Industrial [Member] | Beltway Crossing 7 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 765 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,255 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 765 | ||||
Buildings and Improvements | [4] | 6,255 | ||||
Total | [4] | 7,020 | ||||
Accumulated Depreciation | [4] | $ 3,005 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2009 | ||||
Industrial [Member] | Beltway Crossing 8 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 721 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,759 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 721 | ||||
Buildings and Improvements | [4] | 5,759 | ||||
Total | [4] | 6,480 | ||||
Accumulated Depreciation | [4] | $ 2,719 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2011 | ||||
Industrial [Member] | Beltway Crossing 9 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 418 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,141 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 418 | ||||
Buildings and Improvements | [4] | 2,141 | ||||
Total | [4] | 2,559 | ||||
Accumulated Depreciation | [4] | $ 792 | ||||
Year Acquired | [4] | 2007 | ||||
Year Constructed | [4] | 2012 | ||||
Industrial [Member] | Beltway Crossing 10 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 733 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,163 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 733 | ||||
Buildings and Improvements | [4] | 4,163 | ||||
Total | [4] | 4,896 | ||||
Accumulated Depreciation | [4] | $ 1,456 | ||||
Year Acquired | [4] | 2007 | ||||
Year Constructed | [4] | 2012 | ||||
Industrial [Member] | Beltway Crossing 11 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 690 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,605 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 690 | ||||
Buildings and Improvements | [4] | 4,605 | ||||
Total | [4] | 5,295 | ||||
Accumulated Depreciation | [4] | $ 1,464 | ||||
Year Acquired | [4] | 2007 | ||||
Year Constructed | [4] | 2013 | ||||
Industrial [Member] | West Road 1 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 621 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,160 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 541 | ||||
Buildings and Improvements | [4] | 4,240 | ||||
Total | [4] | 4,781 | ||||
Accumulated Depreciation | [4] | $ 1,383 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 2014 | ||||
Industrial [Member] | West Road 2 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 981 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,903 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 854 | ||||
Buildings and Improvements | [4] | 5,030 | ||||
Total | [4] | 5,884 | ||||
Accumulated Depreciation | [4] | $ 1,526 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 2014 | ||||
Industrial [Member] | West Road 3 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 597 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,299 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 520 | ||||
Buildings and Improvements | [4] | 4,376 | ||||
Total | [4] | 4,896 | ||||
Accumulated Depreciation | [4] | $ 1,017 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 2015 | ||||
Industrial [Member] | West Road 4 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 621 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,730 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 541 | ||||
Buildings and Improvements | [4] | 4,810 | ||||
Total | [4] | 5,351 | ||||
Accumulated Depreciation | [4] | $ 1,486 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 2015 | ||||
Industrial [Member] | West Road 5 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 484 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,379 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 421 | ||||
Buildings and Improvements | [4] | 4,442 | ||||
Total | [4] | 4,863 | ||||
Accumulated Depreciation | [4] | $ 988 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 2018 | ||||
Industrial [Member] | Ten West Crossing 1 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 566 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,042 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 566 | ||||
Buildings and Improvements | [4] | 3,042 | ||||
Total | [4] | 3,608 | ||||
Accumulated Depreciation | [4] | $ 1,160 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 2013 | ||||
Industrial [Member] | Ten West Crossing 2 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 829 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,533 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 833 | ||||
Buildings and Improvements | [4] | 4,529 | ||||
Total | [4] | 5,362 | ||||
Accumulated Depreciation | [4] | $ 1,970 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 2013 | ||||
Industrial [Member] | Ten West Crossing 3 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 609 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,565 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 613 | ||||
Buildings and Improvements | [4] | 4,561 | ||||
Total | [4] | 5,174 | ||||
Accumulated Depreciation | [4] | $ 1,699 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 2013 | ||||
Industrial [Member] | Ten West Crossing 4 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 694 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,569 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 699 | ||||
Buildings and Improvements | [4] | 4,564 | ||||
Total | [4] | 5,263 | ||||
Accumulated Depreciation | [4] | $ 1,700 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 2014 | ||||
Industrial [Member] | Ten West Crossing 5 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 933 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,991 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 940 | ||||
Buildings and Improvements | [4] | 5,984 | ||||
Total | [4] | 6,924 | ||||
Accumulated Depreciation | [4] | $ 1,954 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 2014 | ||||
Industrial [Member] | Ten West Crossing 6 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 640 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,733 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 644 | ||||
Buildings and Improvements | [4] | 4,729 | ||||
Total | [4] | 5,373 | ||||
Accumulated Depreciation | [4] | $ 1,471 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 2014 | ||||
Industrial [Member] | Ten West Crossing 7 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 584 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,388 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 589 | ||||
Buildings and Improvements | [4] | 5,383 | ||||
Total | [4] | 5,972 | ||||
Accumulated Depreciation | [4] | $ 1,708 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 2015 | ||||
Industrial [Member] | Ten West Crossing 8 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,126 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 9,449 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,135 | ||||
Buildings and Improvements | [4] | 9,440 | ||||
Total | [4] | 10,575 | ||||
Accumulated Depreciation | [4] | $ 1,470 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 2019 | ||||
Industrial [Member] | Northwest Crossing 1-3 [Member] | Houston [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 5,665 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 20,367 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 5,665 | ||||
Buildings and Improvements | [4] | 20,367 | ||||
Total | [4] | 26,032 | ||||
Accumulated Depreciation | [4] | $ 1,195 | ||||
Year Acquired | [4] | 2019 | ||||
Year Constructed | [4] | 2020 | ||||
Industrial [Member] | Butterfield Trail [Member] | El Paso [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 20,725 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 10,352 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 31,077 | ||||
Total | [4] | 31,077 | ||||
Accumulated Depreciation | [4] | $ 23,261 | ||||
Year Acquired | [4] | 1997/2000 | ||||
Year Constructed | [4] | 1987/95 | ||||
Industrial [Member] | Rojas Commerce Park [Member] | El Paso [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 900 | ||||
Buildings and Improvements | [4] | 3,659 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,006 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 900 | ||||
Buildings and Improvements | [4] | 7,665 | ||||
Total | [4] | 8,565 | ||||
Accumulated Depreciation | [4] | $ 6,092 | ||||
Year Acquired | [4] | 1999 | ||||
Year Constructed | [4] | 1986 | ||||
Industrial [Member] | Americas Ten Business Center 1 [Member] | El Paso [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 526 | ||||
Buildings and Improvements | [4] | 2,778 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,745 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 526 | ||||
Buildings and Improvements | [4] | 4,523 | ||||
Total | [4] | 5,049 | ||||
Accumulated Depreciation | [4] | $ 2,809 | ||||
Year Acquired | [4] | 2001 | ||||
Year Constructed | [4] | 2003 | ||||
Industrial [Member] | Americas Ten Business Center 2 | El Paso [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,516 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 11,887 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,518 | ||||
Buildings and Improvements | [4] | 11,885 | ||||
Total | [4] | 14,403 | ||||
Accumulated Depreciation | [4] | $ 135 | ||||
Year Acquired | [4] | 2020 | ||||
Year Constructed | [4] | 2022 | ||||
Industrial [Member] | Alamo Downs Distribution Center [Member] | San Antonio [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,342 | ||||
Buildings and Improvements | [4] | 6,338 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,535 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,342 | ||||
Buildings and Improvements | [4] | 8,873 | ||||
Total | [4] | 10,215 | ||||
Accumulated Depreciation | [4] | $ 5,434 | ||||
Year Acquired | [4] | 2004 | ||||
Year Constructed | [4] | 1986/2002 | ||||
Industrial [Member] | Arion Business Park 1-13, 15 [Member] | San Antonio [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 4,143 | ||||
Buildings and Improvements | [4] | 31,432 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 11,348 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 4,143 | ||||
Buildings and Improvements | [4] | 42,780 | ||||
Total | [4] | 46,923 | ||||
Accumulated Depreciation | [4] | $ 24,362 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 1988-2000/06 | ||||
Industrial [Member] | Arion 14 [Member] | San Antonio [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 423 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,988 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 423 | ||||
Buildings and Improvements | [4] | 3,988 | ||||
Total | [4] | 4,411 | ||||
Accumulated Depreciation | [4] | $ 2,057 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2006 | ||||
Industrial [Member] | Arion 16 [Member] | San Antonio [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 427 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,838 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 427 | ||||
Buildings and Improvements | [4] | 3,838 | ||||
Total | [4] | 4,265 | ||||
Accumulated Depreciation | [4] | $ 1,909 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2007 | ||||
Industrial [Member] | Arion 17 [Member] | San Antonio [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 616 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,517 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 616 | ||||
Buildings and Improvements | [4] | 4,517 | ||||
Total | [4] | 5,133 | ||||
Accumulated Depreciation | [4] | $ 2,909 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2007 | ||||
Industrial [Member] | Arion 18 [Member] | San Antonio [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 418 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,456 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 418 | ||||
Buildings and Improvements | [4] | 2,456 | ||||
Total | [4] | 2,874 | ||||
Accumulated Depreciation | [4] | $ 1,315 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2008 | ||||
Industrial [Member] | Wetmore Business Center 1-4 [Member] | San Antonio [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,494 | ||||
Buildings and Improvements | [4] | 10,804 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,414 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,494 | ||||
Buildings and Improvements | [4] | 15,218 | ||||
Total | [4] | 16,712 | ||||
Accumulated Depreciation | [4] | $ 9,246 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 1998/99 | ||||
Industrial [Member] | Wetmore Business Center 5 [Member] | San Antonio [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 412 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,882 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 412 | ||||
Buildings and Improvements | [4] | 3,882 | ||||
Total | [4] | 4,294 | ||||
Accumulated Depreciation | [4] | $ 2,180 | ||||
Year Acquired | [4] | 2006 | ||||
Year Constructed | [4] | 2008 | ||||
Industrial [Member] | Wetmore Business Center 6 [Member] | San Antonio [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 505 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,236 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 505 | ||||
Buildings and Improvements | [4] | 4,236 | ||||
Total | [4] | 4,741 | ||||
Accumulated Depreciation | [4] | $ 2,086 | ||||
Year Acquired | [4] | 2006 | ||||
Year Constructed | [4] | 2008 | ||||
Industrial [Member] | Wetmore Business Center 7 [Member] | San Antonio [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 546 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,356 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 546 | ||||
Buildings and Improvements | [4] | 5,356 | ||||
Total | [4] | 5,902 | ||||
Accumulated Depreciation | [4] | $ 2,478 | ||||
Year Acquired | [4] | 2006 | ||||
Year Constructed | [4] | 2008 | ||||
Industrial [Member] | Wetmore Business Center 8 [Member] | San Antonio [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,056 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 8,390 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,056 | ||||
Buildings and Improvements | [4] | 8,390 | ||||
Total | [4] | 9,446 | ||||
Accumulated Depreciation | [4] | $ 4,228 | ||||
Year Acquired | [4] | 2006 | ||||
Year Constructed | [4] | 2008 | ||||
Industrial [Member] | Fairgrounds Business Park [Member] | San Antonio [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,644 | ||||
Buildings and Improvements | [4] | 8,209 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,933 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,644 | ||||
Buildings and Improvements | [4] | 11,142 | ||||
Total | [4] | 12,786 | ||||
Accumulated Depreciation | [4] | $ 6,537 | ||||
Year Acquired | [4] | 2007 | ||||
Year Constructed | [4] | 1985/86 | ||||
Industrial [Member] | Rittiman Distribution Center [Member] | San Antonio [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,083 | ||||
Buildings and Improvements | [4] | 6,649 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 783 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,083 | ||||
Buildings and Improvements | [4] | 7,432 | ||||
Total | [4] | 8,515 | ||||
Accumulated Depreciation | [4] | $ 2,420 | ||||
Year Acquired | [4] | 2011 | ||||
Year Constructed | [4] | 2000 | ||||
Industrial [Member] | Thousand Oaks 1 [Member] | San Antonio [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 607 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,684 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 607 | ||||
Buildings and Improvements | [4] | 5,684 | ||||
Total | [4] | 6,291 | ||||
Accumulated Depreciation | [4] | $ 2,054 | ||||
Year Acquired | [4] | 2008 | ||||
Year Constructed | [4] | 2012 | ||||
Industrial [Member] | Thousand Oaks 2 [Member] | San Antonio [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 794 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,848 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 794 | ||||
Buildings and Improvements | [4] | 4,848 | ||||
Total | [4] | 5,642 | ||||
Accumulated Depreciation | [4] | $ 1,867 | ||||
Year Acquired | [4] | 2008 | ||||
Year Constructed | [4] | 2012 | ||||
Industrial [Member] | Thousand Oaks 3 [Member] | San Antonio [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 772 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,714 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 772 | ||||
Buildings and Improvements | [4] | 4,714 | ||||
Total | [4] | 5,486 | ||||
Accumulated Depreciation | [4] | $ 1,795 | ||||
Year Acquired | [4] | 2008 | ||||
Year Constructed | [4] | 2013 | ||||
Industrial [Member] | Thousand Oaks 4 [Member] | San Antonio [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 753 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,761 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 753 | ||||
Buildings and Improvements | [4] | 4,761 | ||||
Total | [4] | 5,514 | ||||
Accumulated Depreciation | [4] | $ 1,252 | ||||
Year Acquired | [4] | 2013 | ||||
Year Constructed | [4] | 2015 | ||||
Industrial [Member] | Alamo Ridge 1 [Member] | San Antonio [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 623 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 8,531 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 623 | ||||
Buildings and Improvements | [4] | 8,531 | ||||
Total | [4] | 9,154 | ||||
Accumulated Depreciation | [4] | $ 3,145 | ||||
Year Acquired | [4] | 2007 | ||||
Year Constructed | [4] | 2015 | ||||
Industrial [Member] | Alamo Ridge 2 [Member] | San Antonio [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 402 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,368 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 402 | ||||
Buildings and Improvements | [4] | 5,368 | ||||
Total | [4] | 5,770 | ||||
Accumulated Depreciation | [4] | $ 1,563 | ||||
Year Acquired | [4] | 2007 | ||||
Year Constructed | [4] | 2015 | ||||
Industrial [Member] | Alamo Ridge 3 [Member] | San Antonio [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 907 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 10,144 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 907 | ||||
Buildings and Improvements | [4] | 10,144 | ||||
Total | [4] | 11,051 | ||||
Accumulated Depreciation | [4] | $ 2,146 | ||||
Year Acquired | [4] | 2007 | ||||
Year Constructed | [4] | 2017 | ||||
Industrial [Member] | Alamo Ridge 4 [Member] | San Antonio [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 354 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,804 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 355 | ||||
Buildings and Improvements | [4] | 7,803 | ||||
Total | [4] | 8,158 | ||||
Accumulated Depreciation | [4] | $ 2,344 | ||||
Year Acquired | [4] | 2007 | ||||
Year Constructed | [4] | 2017 | ||||
Industrial [Member] | Eisenhauer Point 1 & 2 [Member] | San Antonio [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,881 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 14,767 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,881 | ||||
Buildings and Improvements | [4] | 14,767 | ||||
Total | [4] | 16,648 | ||||
Accumulated Depreciation | [4] | $ 3,993 | ||||
Year Acquired | [4] | 2015 | ||||
Year Constructed | [4] | 2016 | ||||
Industrial [Member] | Eisenhauer Point 3 [Member] | San Antonio [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 577 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,126 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 577 | ||||
Buildings and Improvements | [4] | 6,126 | ||||
Total | [4] | 6,703 | ||||
Accumulated Depreciation | [4] | $ 1,850 | ||||
Year Acquired | [4] | 2015 | ||||
Year Constructed | [4] | 2017 | ||||
Industrial [Member] | Eisenhauer Point 4 [Member] | San Antonio [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 555 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,832 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 555 | ||||
Buildings and Improvements | [4] | 4,832 | ||||
Total | [4] | 5,387 | ||||
Accumulated Depreciation | [4] | $ 1,072 | ||||
Year Acquired | [4] | 2015 | ||||
Year Constructed | [4] | 2017 | ||||
Industrial [Member] | Eisenhauer Point 5 [Member] | San Antonio [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 818 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,044 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 818 | ||||
Buildings and Improvements | [4] | 7,044 | ||||
Total | [4] | 7,862 | ||||
Accumulated Depreciation | [4] | $ 1,652 | ||||
Year Acquired | [4] | 2015 | ||||
Year Constructed | [4] | 2018 | ||||
Industrial [Member] | Eisenhauer Point 6 [Member] | San Antonio [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 569 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,869 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 569 | ||||
Buildings and Improvements | [4] | 4,869 | ||||
Total | [4] | 5,438 | ||||
Accumulated Depreciation | [4] | $ 741 | ||||
Year Acquired | [4] | 2015 | ||||
Year Constructed | [4] | 2018 | ||||
Industrial [Member] | Eisenhauer Point 7 & 8 [Member] | San Antonio [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,000 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 22,243 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,593 | ||||
Buildings and Improvements | [4] | 20,650 | ||||
Total | [4] | 23,243 | ||||
Accumulated Depreciation | [4] | $ 3,197 | ||||
Year Acquired | [4] | 2016 | ||||
Year Constructed | [4] | 2019 | ||||
Industrial [Member] | Eisenhauer Point 9 [Member] | San Antonio [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 632 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,729 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 632 | ||||
Buildings and Improvements | [4] | 5,729 | ||||
Total | [4] | 6,361 | ||||
Accumulated Depreciation | [4] | $ 652 | ||||
Year Acquired | [4] | 2016 | ||||
Year Constructed | [4] | 2019 | ||||
Industrial [Member] | Tri-County Crossing 1 & 2 [Member] | San Antonio [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,623 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 14,830 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,623 | ||||
Buildings and Improvements | [4] | 14,830 | ||||
Total | [4] | 16,453 | ||||
Accumulated Depreciation | [4] | $ 2,533 | ||||
Year Acquired | [4] | 2017 | ||||
Year Constructed | [4] | 2019 | ||||
Industrial [Member] | Tri-County Crossing 3 & 4 [Member] | San Antonio [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,733 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 14,509 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,733 | ||||
Buildings and Improvements | [4] | 14,509 | ||||
Total | [4] | 16,242 | ||||
Accumulated Depreciation | [4] | $ 1,457 | ||||
Year Acquired | [4] | 2017 | ||||
Year Constructed | [4] | 2020 | ||||
Industrial [Member] | Tri-County Crossing 5 | San Antonio [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 871 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 10,281 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 871 | ||||
Buildings and Improvements | [4] | 10,281 | ||||
Total | [4] | 11,152 | ||||
Accumulated Depreciation | [4] | $ 65 | ||||
Year Acquired | [4] | 2017 | ||||
Year Constructed | [4] | 2022 | ||||
Industrial [Member] | Tri-County Crossing 6 | San Antonio [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,033 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 9,340 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,033 | ||||
Buildings and Improvements | [4] | 9,340 | ||||
Total | [4] | 10,373 | ||||
Accumulated Depreciation | [4] | $ 27 | ||||
Year Acquired | [4] | 2017 | ||||
Year Constructed | [4] | 2022 | ||||
Industrial [Member] | Ridgeview 1 & 2 [Member] | San Antonio [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,004 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 18,788 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,004 | ||||
Buildings and Improvements | [4] | 18,788 | ||||
Total | [4] | 20,792 | ||||
Accumulated Depreciation | [4] | $ 1,719 | ||||
Year Acquired | [4] | 2018 | ||||
Year Constructed | [4] | 2020 | ||||
Industrial [Member] | Ridgeview 3 | San Antonio [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to the Company [Abstract] | ||||||
Land | 839 | |||||
Buildings and Improvements | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 8,561 | |||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | 839 | |||||
Buildings and Improvements | 8,561 | |||||
Total | 9,400 | |||||
Accumulated Depreciation | $ 119 | |||||
Year Acquired | 2018 | |||||
Year Constructed | 2022 | |||||
Industrial [Member] | 45 Crossing | Austin [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to the Company [Abstract] | ||||||
Land | 10,028 | |||||
Buildings and Improvements | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 15,274 | |||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | 10,028 | |||||
Buildings and Improvements | 15,274 | |||||
Total | 25,302 | |||||
Accumulated Depreciation | $ 112 | |||||
Year Acquired | 2021 | |||||
Year Constructed | 2022 | |||||
Industrial [Member] | Colorado Crossing Distribution Center [Member] | Austin [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 4,602 | ||||
Buildings and Improvements | [4] | 19,757 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,509 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 4,589 | ||||
Buildings and Improvements | [4] | 21,279 | ||||
Total | [4] | 25,868 | ||||
Accumulated Depreciation | [4] | $ 7,998 | ||||
Year Acquired | [4] | 2014 | ||||
Year Constructed | [4] | 2009 | ||||
Industrial [Member] | Greenhill Distribution Center [Member] | Austin [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 802 | ||||
Buildings and Improvements | [4] | 3,273 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 392 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 802 | ||||
Buildings and Improvements | [4] | 3,665 | ||||
Total | [4] | 4,467 | ||||
Accumulated Depreciation | [4] | $ 614 | ||||
Year Acquired | [4] | 2018 | ||||
Year Constructed | [4] | 1999 | ||||
Industrial [Member] | Settlers Crossing 1 [Member] | Austin [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,211 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 8,208 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,211 | ||||
Buildings and Improvements | [4] | 8,208 | ||||
Total | [4] | 9,419 | ||||
Accumulated Depreciation | [4] | $ 1,285 | ||||
Year Acquired | [4] | 2017 | ||||
Year Constructed | [4] | 2019 | ||||
Industrial [Member] | Settlers Crossing 2 [Member] | Austin [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,306 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,554 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,306 | ||||
Buildings and Improvements | [4] | 7,554 | ||||
Total | [4] | 8,860 | ||||
Accumulated Depreciation | [4] | $ 1,437 | ||||
Year Acquired | [4] | 2017 | ||||
Year Constructed | [4] | 2019 | ||||
Industrial [Member] | Settlers Crossing 3 & 4 [Member] | Austin [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,774 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 17,223 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,774 | ||||
Buildings and Improvements | [4] | 17,223 | ||||
Total | [4] | 19,997 | ||||
Accumulated Depreciation | [4] | $ 1,445 | ||||
Year Acquired | [4] | 2017 | ||||
Year Constructed | [4] | 2020 | ||||
Industrial [Member] | Southpark Corporate Center 3 & 4 [Member] | Austin [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,670 | ||||
Buildings and Improvements | [4] | 14,756 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,960 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,670 | ||||
Buildings and Improvements | [4] | 16,716 | ||||
Total | [4] | 19,386 | ||||
Accumulated Depreciation | [4] | $ 5,538 | ||||
Year Acquired | [4] | 2015 | ||||
Year Constructed | [4] | 1995 | ||||
Industrial [Member] | Southpark Corporate Center 5-7 [Member] | Austin [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,301 | ||||
Buildings and Improvements | [4] | 7,589 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,635 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,301 | ||||
Buildings and Improvements | [4] | 9,224 | ||||
Total | [4] | 10,525 | ||||
Accumulated Depreciation | [4] | $ 1,999 | ||||
Year Acquired | [4] | 2017 | ||||
Year Constructed | [4] | 1995 | ||||
Industrial [Member] | Springdale Business Center [Member] | Austin [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,824 | ||||
Buildings and Improvements | [4] | 8,398 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,024 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,824 | ||||
Buildings and Improvements | [4] | 10,422 | ||||
Total | [4] | 13,246 | ||||
Accumulated Depreciation | [4] | $ 2,663 | ||||
Year Acquired | [4] | 2015 | ||||
Year Constructed | [4] | 2000 | ||||
Industrial [Member] | Texas Avenue | Austin [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 4,143 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 18 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 4,143 | ||||
Buildings and Improvements | [4] | 18 | ||||
Total | [4] | 4,161 | ||||
Accumulated Depreciation | [4] | $ 0 | ||||
Year Acquired | [4] | 2021 | ||||
Year Constructed | [4] | 1983 | ||||
Industrial [Member] | Wells Point One | Austin [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 907 | ||||
Buildings and Improvements | [4] | 4,904 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 953 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 907 | ||||
Buildings and Improvements | [4] | 5,857 | ||||
Total | [4] | 6,764 | ||||
Accumulated Depreciation | [4] | $ 921 | ||||
Year Acquired | [4] | 2020 | ||||
Year Constructed | [4] | 2001 | ||||
Industrial [Member] | Broadway Industrial Park 1 [Member] | Phoenix [Member] | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 837 | ||||
Buildings and Improvements | [4] | 3,349 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,932 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 837 | ||||
Buildings and Improvements | [4] | 6,281 | ||||
Total | [4] | 7,118 | ||||
Accumulated Depreciation | [4] | $ 4,330 | ||||
Year Acquired | [4] | 1996 | ||||
Year Constructed | [4] | 1971 | ||||
Industrial [Member] | Broadway Industrial Park 2 [Member] | Phoenix [Member] | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 455 | ||||
Buildings and Improvements | [4] | 482 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 383 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 455 | ||||
Buildings and Improvements | [4] | 865 | ||||
Total | [4] | 1,320 | ||||
Accumulated Depreciation | [4] | $ 592 | ||||
Year Acquired | [4] | 1999 | ||||
Year Constructed | [4] | 1971 | ||||
Industrial [Member] | Broadway Industrial Park 3 [Member] | Phoenix [Member] | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 775 | ||||
Buildings and Improvements | [4] | 1,742 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,172 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 775 | ||||
Buildings and Improvements | [4] | 2,914 | ||||
Total | [4] | 3,689 | ||||
Accumulated Depreciation | [4] | $ 1,763 | ||||
Year Acquired | [4] | 2000 | ||||
Year Constructed | [4] | 1983 | ||||
Industrial [Member] | Broadway Industrial Park 4 [Member] | Phoenix [Member] | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 380 | ||||
Buildings and Improvements | [4] | 1,652 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,163 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 380 | ||||
Buildings and Improvements | [4] | 2,815 | ||||
Total | [4] | 3,195 | ||||
Accumulated Depreciation | [4] | $ 1,927 | ||||
Year Acquired | [4] | 2000 | ||||
Year Constructed | [4] | 1986 | ||||
Industrial [Member] | Broadway Industrial Park 5 [Member] | Phoenix [Member] | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 353 | ||||
Buildings and Improvements | [4] | 1,090 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 850 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 353 | ||||
Buildings and Improvements | [4] | 1,940 | ||||
Total | [4] | 2,293 | ||||
Accumulated Depreciation | [4] | $ 1,221 | ||||
Year Acquired | [4] | 2002 | ||||
Year Constructed | [4] | 1980 | ||||
Industrial [Member] | Broadway Industrial Park 6 [Member] | Phoenix [Member] | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 599 | ||||
Buildings and Improvements | [4] | 1,855 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 974 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 599 | ||||
Buildings and Improvements | [4] | 2,829 | ||||
Total | [4] | 3,428 | ||||
Accumulated Depreciation | [4] | $ 1,978 | ||||
Year Acquired | [4] | 2002 | ||||
Year Constructed | [4] | 1979 | ||||
Industrial [Member] | Broadway Industrial Park 7 [Member] | Phoenix [Member] | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 450 | ||||
Buildings and Improvements | [4] | 650 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 298 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 450 | ||||
Buildings and Improvements | [4] | 948 | ||||
Total | [4] | 1,398 | ||||
Accumulated Depreciation | [4] | $ 416 | ||||
Year Acquired | [4] | 2011 | ||||
Year Constructed | [4] | 1999 | ||||
Industrial [Member] | Kyrene Distribution Center [Member] | Phoenix [Member] | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,490 | ||||
Buildings and Improvements | [4] | 4,453 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,214 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,490 | ||||
Buildings and Improvements | [4] | 6,667 | ||||
Total | [4] | 8,157 | ||||
Accumulated Depreciation | [4] | $ 4,793 | ||||
Year Acquired | [4] | 1999 | ||||
Year Constructed | [4] | 1981/2001 | ||||
Industrial [Member] | Falcon Field [Member] | Phoenix [Member] | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,312 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 8,010 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,312 | ||||
Buildings and Improvements | [4] | 8,010 | ||||
Total | [4] | 9,322 | ||||
Accumulated Depreciation | [4] | $ 1,505 | ||||
Year Acquired | [4] | 2015 | ||||
Year Constructed | [4] | 2018 | ||||
Industrial [Member] | Southpark Distribution Center [Member] | Phoenix [Member] | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 918 | ||||
Buildings and Improvements | [4] | 2,738 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,020 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 918 | ||||
Buildings and Improvements | [4] | 4,758 | ||||
Total | [4] | 5,676 | ||||
Accumulated Depreciation | [4] | $ 3,242 | ||||
Year Acquired | [4] | 2001 | ||||
Year Constructed | [4] | 2000 | ||||
Industrial [Member] | Southpark Distribution Center 2 | Phoenix [Member] | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,785 | ||||
Buildings and Improvements | [4] | 6,882 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,523 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,785 | ||||
Buildings and Improvements | [4] | 8,405 | ||||
Total | [4] | 10,190 | ||||
Accumulated Depreciation | [4] | $ 429 | ||||
Year Acquired | [4] | 2021 | ||||
Year Constructed | [4] | 1995 | ||||
Industrial [Member] | Santan 10 Distribution Center 1 [Member] | Phoenix [Member] | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 846 | ||||
Buildings and Improvements | [4] | 2,647 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 711 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 846 | ||||
Buildings and Improvements | [4] | 3,358 | ||||
Total | [4] | 4,204 | ||||
Accumulated Depreciation | [4] | $ 1,984 | ||||
Year Acquired | [4] | 2001 | ||||
Year Constructed | [4] | 2005 | ||||
Industrial [Member] | Santan 10 Distribution Center 2 [Member] | Phoenix [Member] | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,088 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,502 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,088 | ||||
Buildings and Improvements | [4] | 5,502 | ||||
Total | [4] | 6,590 | ||||
Accumulated Depreciation | [4] | $ 2,905 | ||||
Year Acquired | [4] | 2004 | ||||
Year Constructed | [4] | 2007 | ||||
Industrial [Member] | Chandler Freeways [Member] | Phoenix [Member] | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,525 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,509 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,525 | ||||
Buildings and Improvements | [4] | 7,509 | ||||
Total | [4] | 9,034 | ||||
Accumulated Depreciation | [4] | $ 2,448 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 2013 | ||||
Industrial [Member] | Kyrene 202 1 [Member] | Phoenix [Member] | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 653 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,820 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 653 | ||||
Buildings and Improvements | [4] | 5,820 | ||||
Total | [4] | 6,473 | ||||
Accumulated Depreciation | [4] | $ 1,614 | ||||
Year Acquired | [4] | 2011 | ||||
Year Constructed | [4] | 2014 | ||||
Industrial [Member] | Kyrene 202 2 [Member] | Phoenix [Member] | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 387 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,414 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 387 | ||||
Buildings and Improvements | [4] | 3,414 | ||||
Total | [4] | 3,801 | ||||
Accumulated Depreciation | [4] | $ 957 | ||||
Year Acquired | [4] | 2011 | ||||
Year Constructed | [4] | 2014 | ||||
Industrial [Member] | Kyrene 202 3, 4, & 5 [Member] | Phoenix [Member] | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,244 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 11,878 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,244 | ||||
Buildings and Improvements | [4] | 11,878 | ||||
Total | [4] | 13,122 | ||||
Accumulated Depreciation | [4] | $ 2,082 | ||||
Year Acquired | [4] | 2011 | ||||
Year Constructed | [4] | 2018 | ||||
Industrial [Member] | Kyrene 202 6 [Member] | Phoenix [Member] | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 936 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 8,344 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 936 | ||||
Buildings and Improvements | [4] | 8,344 | ||||
Total | [4] | 9,280 | ||||
Accumulated Depreciation | [4] | $ 2,311 | ||||
Year Acquired | [4] | 2011 | ||||
Year Constructed | [4] | 2015 | ||||
Industrial [Member] | 51st Avenue Distribution Center [Member] | Phoenix [Member] | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 300 | ||||
Buildings and Improvements | [4] | 2,029 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,215 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 300 | ||||
Buildings and Improvements | [4] | 3,244 | ||||
Total | [4] | 3,544 | ||||
Accumulated Depreciation | [4] | $ 2,476 | ||||
Year Acquired | [4] | 1998 | ||||
Year Constructed | [4] | 1987 | ||||
Industrial [Member] | East University Distribution Center 1 & 2 [Member] | Phoenix [Member] | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,120 | ||||
Buildings and Improvements | [4] | 4,482 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,111 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,120 | ||||
Buildings and Improvements | [4] | 6,593 | ||||
Total | [4] | 7,713 | ||||
Accumulated Depreciation | [4] | $ 5,412 | ||||
Year Acquired | [4] | 1998 | ||||
Year Constructed | [4] | 1987/89 | ||||
Industrial [Member] | East University Distribution Center 3 [Member] | Phoenix [Member] | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 444 | ||||
Buildings and Improvements | [4] | 698 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 457 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 444 | ||||
Buildings and Improvements | [4] | 1,155 | ||||
Total | [4] | 1,599 | ||||
Accumulated Depreciation | [4] | $ 637 | ||||
Year Acquired | [4] | 2010 | ||||
Year Constructed | [4] | 1981 | ||||
Industrial [Member] | 55th Avenue Distribution Center [Member] | Phoenix [Member] | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 912 | ||||
Buildings and Improvements | [4] | 3,717 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,747 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 917 | ||||
Buildings and Improvements | [4] | 5,459 | ||||
Total | [4] | 6,376 | ||||
Accumulated Depreciation | [4] | $ 4,263 | ||||
Year Acquired | [4] | 1998 | ||||
Year Constructed | [4] | 1987 | ||||
Industrial [Member] | Interstate Commons Dist Ctr 1 [Member] | Phoenix [Member] | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 311 | ||||
Buildings and Improvements | [4] | 1,416 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,238 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 311 | ||||
Buildings and Improvements | [4] | 2,654 | ||||
Total | [4] | 2,965 | ||||
Accumulated Depreciation | [4] | $ 1,797 | ||||
Year Acquired | [4] | 1999 | ||||
Year Constructed | [4] | 1988 | ||||
Industrial [Member] | Interstate Commons 2 [Member] | Phoenix [Member] | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,298 | ||||
Buildings and Improvements | [4] | 7,088 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,963 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,298 | ||||
Buildings and Improvements | [4] | 10,051 | ||||
Total | [4] | 12,349 | ||||
Accumulated Depreciation | [4] | $ 1,143 | ||||
Year Acquired | [4] | 2019 | ||||
Year Constructed | [4] | 1988/2001 | ||||
Industrial [Member] | Interstate Commons Dist Ctr 3 [Member] | Phoenix [Member] | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 242 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,251 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 242 | ||||
Buildings and Improvements | [4] | 3,251 | ||||
Total | [4] | 3,493 | ||||
Accumulated Depreciation | [4] | $ 1,473 | ||||
Year Acquired | [4] | 2000 | ||||
Year Constructed | [4] | 2008 | ||||
Industrial [Member] | Airport Commons Distribution Center [Member] | Phoenix [Member] | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,000 | ||||
Buildings and Improvements | [4] | 1,510 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,957 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,000 | ||||
Buildings and Improvements | [4] | 3,467 | ||||
Total | [4] | 4,467 | ||||
Accumulated Depreciation | [4] | $ 2,568 | ||||
Year Acquired | [4] | 2003 | ||||
Year Constructed | [4] | 1971 | ||||
Industrial [Member] | 40th Avenue Distribution Center [Member] | Phoenix [Member] | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 703 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,402 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 703 | ||||
Buildings and Improvements | [4] | 6,402 | ||||
Total | [4] | 7,105 | ||||
Accumulated Depreciation | [4] | $ 2,847 | ||||
Year Acquired | [4] | 2004 | ||||
Year Constructed | [4] | 2008 | ||||
Industrial [Member] | Sky Harbor Business Park [Member] | Phoenix [Member] | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 5,839 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 23,810 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 5,839 | ||||
Buildings and Improvements | [4] | 23,810 | ||||
Total | [4] | 29,649 | ||||
Accumulated Depreciation | [4] | $ 10,065 | ||||
Year Acquired | [4] | 2006 | ||||
Year Constructed | [4] | 2008 | ||||
Industrial [Member] | Sky Harbor Business Park 6 [Member] | Phoenix [Member] | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 807 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,165 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 807 | ||||
Buildings and Improvements | [4] | 2,165 | ||||
Total | [4] | 2,972 | ||||
Accumulated Depreciation | [4] | $ 535 | ||||
Year Acquired | [4] | 2014 | ||||
Year Constructed | [4] | 2015 | ||||
Industrial [Member] | Ten Sky Harbor [Member] | Phoenix [Member] | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,568 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,132 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,569 | ||||
Buildings and Improvements | [4] | 5,131 | ||||
Total | [4] | 6,700 | ||||
Accumulated Depreciation | [4] | $ 1,323 | ||||
Year Acquired | [4] | 2015 | ||||
Year Constructed | [4] | 2016 | ||||
Industrial [Member] | Gilbert Crossroads A & B [Member] | Phoenix [Member] | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,825 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 14,145 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,825 | ||||
Buildings and Improvements | [4] | 14,145 | ||||
Total | [4] | 16,970 | ||||
Accumulated Depreciation | [4] | $ 1,640 | ||||
Year Acquired | [4] | 2018 | ||||
Year Constructed | [4] | 2020 | ||||
Industrial [Member] | Gilbert Crossroads C & D [Member] | Phoenix [Member] | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 3,602 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 19,874 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 3,602 | ||||
Buildings and Improvements | [4] | 19,874 | ||||
Total | [4] | 23,476 | ||||
Accumulated Depreciation | [4] | $ 1,152 | ||||
Year Acquired | [4] | 2018 | ||||
Year Constructed | [4] | 2021 | ||||
Industrial [Member] | Mesa Gateway Commerce Center | Phoenix [Member] | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to the Company [Abstract] | ||||||
Land | 3,514 | |||||
Buildings and Improvements | 14,801 | |||||
Costs Capitalized Subsequent to Acquisition | 631 | |||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | 3,514 | |||||
Buildings and Improvements | 15,432 | |||||
Total | 18,946 | |||||
Accumulated Depreciation | $ 65 | |||||
Year Acquired | 2022 | |||||
Year Constructed | 2022 | |||||
Industrial [Member] | Country Club 1 [Member] | Tucson [Member] | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 506 | ||||
Buildings and Improvements | [4] | 3,564 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,553 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 693 | ||||
Buildings and Improvements | [4] | 7,930 | ||||
Total | [4] | 8,623 | ||||
Accumulated Depreciation | [4] | $ 4,362 | ||||
Year Acquired | [4] | 1997/2003 | ||||
Year Constructed | [4] | 1994/2003 | ||||
Industrial [Member] | Country Club 2 [Member] | Tucson [Member] | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 442 | ||||
Buildings and Improvements | [4] | 3,381 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,321 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 709 | ||||
Buildings and Improvements | [4] | 4,435 | ||||
Total | [4] | 5,144 | ||||
Accumulated Depreciation | [4] | $ 1,826 | ||||
Year Acquired | [4] | 2007 | ||||
Year Constructed | [4] | 2000 | ||||
Industrial [Member] | Country Club 3 & 4 [Member] | Tucson [Member] | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,407 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 12,309 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,575 | ||||
Buildings and Improvements | [4] | 12,141 | ||||
Total | [4] | 13,716 | ||||
Accumulated Depreciation | [4] | $ 5,871 | ||||
Year Acquired | [4] | 2007 | ||||
Year Constructed | [4] | 2009 | ||||
Industrial [Member] | Country Club 5 [Member] | Tucson [Member] | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,885 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 21,507 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,886 | ||||
Buildings and Improvements | [4] | 21,506 | ||||
Total | [4] | 24,392 | ||||
Accumulated Depreciation | [4] | $ 3,074 | ||||
Year Acquired | [4] | 2016 | ||||
Year Constructed | [4] | 2018 | ||||
Industrial [Member] | Airport Distribution Center [Member] | Tucson [Member] | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,403 | ||||
Buildings and Improvements | [4] | 4,672 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,782 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,403 | ||||
Buildings and Improvements | [4] | 6,454 | ||||
Total | [4] | 7,857 | ||||
Accumulated Depreciation | [4] | $ 4,573 | ||||
Year Acquired | [4] | 1998/2000 | ||||
Year Constructed | [4] | 1995 | ||||
Industrial [Member] | Benan Distribution Center [Member] | Tucson [Member] | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 707 | ||||
Buildings and Improvements | [4] | 1,842 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 757 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 707 | ||||
Buildings and Improvements | [4] | 2,599 | ||||
Total | [4] | 3,306 | ||||
Accumulated Depreciation | [4] | $ 1,719 | ||||
Year Acquired | [4] | 2005 | ||||
Year Constructed | [4] | 2001 | ||||
Industrial [Member] | NorthPark Business Park [Member] | Charlotte [Member] | NORTH CAROLINA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,758 | ||||
Buildings and Improvements | [4] | 15,932 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,853 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,758 | ||||
Buildings and Improvements | [4] | 21,785 | ||||
Total | [4] | 24,543 | ||||
Accumulated Depreciation | [4] | $ 12,747 | ||||
Year Acquired | [4] | 2006 | ||||
Year Constructed | [4] | 1987-89 | ||||
Industrial [Member] | Lindbergh Business Park [Member] | Charlotte [Member] | NORTH CAROLINA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 470 | ||||
Buildings and Improvements | [4] | 3,401 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 876 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 470 | ||||
Buildings and Improvements | [4] | 4,277 | ||||
Total | [4] | 4,747 | ||||
Accumulated Depreciation | [4] | $ 2,285 | ||||
Year Acquired | [4] | 2007 | ||||
Year Constructed | [4] | 2001/03 | ||||
Industrial [Member] | Commerce Park 1 [Member] | Charlotte [Member] | NORTH CAROLINA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 765 | ||||
Buildings and Improvements | [4] | 4,303 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,125 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 765 | ||||
Buildings and Improvements | [4] | 5,428 | ||||
Total | [4] | 6,193 | ||||
Accumulated Depreciation | [4] | $ 2,881 | ||||
Year Acquired | [4] | 2007 | ||||
Year Constructed | [4] | 1983 | ||||
Industrial [Member] | Commerce Park Center 2 [Member] | Charlotte [Member] | NORTH CAROLINA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 335 | ||||
Buildings and Improvements | [4] | 1,603 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 508 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 335 | ||||
Buildings and Improvements | [4] | 2,111 | ||||
Total | [4] | 2,446 | ||||
Accumulated Depreciation | [4] | $ 956 | ||||
Year Acquired | [4] | 2010 | ||||
Year Constructed | [4] | 1987 | ||||
Industrial [Member] | Commerce Park 3 [Member] | Charlotte [Member] | NORTH CAROLINA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 558 | ||||
Buildings and Improvements | [4] | 2,225 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,210 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 558 | ||||
Buildings and Improvements | [4] | 3,435 | ||||
Total | [4] | 3,993 | ||||
Accumulated Depreciation | [4] | $ 1,641 | ||||
Year Acquired | [4] | 2010 | ||||
Year Constructed | [4] | 1981 | ||||
Industrial [Member] | Nations Ford Business Park [Member] | Charlotte [Member] | NORTH CAROLINA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 3,924 | ||||
Buildings and Improvements | [4] | 16,171 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,285 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 3,924 | ||||
Buildings and Improvements | [4] | 22,456 | ||||
Total | [4] | 26,380 | ||||
Accumulated Depreciation | [4] | $ 12,508 | ||||
Year Acquired | [4] | 2007 | ||||
Year Constructed | [4] | 1989/94 | ||||
Industrial [Member] | Airport Commerce Center (Charlotte) | Charlotte [Member] | NORTH CAROLINA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,454 | ||||
Buildings and Improvements | [4] | 10,136 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,857 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,454 | ||||
Buildings and Improvements | [4] | 12,993 | ||||
Total | [4] | 14,447 | ||||
Accumulated Depreciation | [4] | $ 6,544 | ||||
Year Acquired | [4] | 2008 | ||||
Year Constructed | [4] | 2001/02 | ||||
Industrial [Member] | Airport Commerce Center 3 [Member] | Charlotte [Member] | NORTH CAROLINA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 855 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 8,045 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 855 | ||||
Buildings and Improvements | [4] | 8,045 | ||||
Total | [4] | 8,900 | ||||
Accumulated Depreciation | [4] | $ 1,371 | ||||
Year Acquired | [4] | 2008 | ||||
Year Constructed | [4] | 2019 | ||||
Industrial [Member] | Interchange Park 1 [Member] | Charlotte [Member] | NORTH CAROLINA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 986 | ||||
Buildings and Improvements | [4] | 7,949 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 772 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 986 | ||||
Buildings and Improvements | [4] | 8,721 | ||||
Total | [4] | 9,707 | ||||
Accumulated Depreciation | [4] | $ 3,889 | ||||
Year Acquired | [4] | 2008 | ||||
Year Constructed | [4] | 1989 | ||||
Industrial [Member] | Interchange Park 2 [Member] | Charlotte [Member] | NORTH CAROLINA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 746 | ||||
Buildings and Improvements | [4] | 1,456 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 410 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 746 | ||||
Buildings and Improvements | [4] | 1,866 | ||||
Total | [4] | 2,612 | ||||
Accumulated Depreciation | [4] | $ 573 | ||||
Year Acquired | [4] | 2013 | ||||
Year Constructed | [4] | 2000 | ||||
Industrial [Member] | Ridge Creek Distribution Center 1 [Member] | Charlotte [Member] | NORTH CAROLINA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,284 | ||||
Buildings and Improvements | [4] | 13,163 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,211 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,284 | ||||
Buildings and Improvements | [4] | 14,374 | ||||
Total | [4] | 15,658 | ||||
Accumulated Depreciation | [4] | $ 6,052 | ||||
Year Acquired | [4] | 2008 | ||||
Year Constructed | [4] | 2006 | ||||
Industrial [Member] | Ridge Creek Distribution Center 2 [Member] | Charlotte [Member] | NORTH CAROLINA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 3,033 | ||||
Buildings and Improvements | [4] | 11,497 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,180 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 3,033 | ||||
Buildings and Improvements | [4] | 13,677 | ||||
Total | [4] | 16,710 | ||||
Accumulated Depreciation | [4] | $ 5,192 | ||||
Year Acquired | [4] | 2011 | ||||
Year Constructed | [4] | 2003 | ||||
Industrial [Member] | Ridge Creek Distribution Center 3 [Member] | Charlotte [Member] | NORTH CAROLINA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,459 | ||||
Buildings and Improvements | [4] | 11,147 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 832 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,459 | ||||
Buildings and Improvements | [4] | 11,979 | ||||
Total | [4] | 14,438 | ||||
Accumulated Depreciation | [4] | $ 3,244 | ||||
Year Acquired | [4] | 2014 | ||||
Year Constructed | [4] | 2013 | ||||
Industrial [Member] | Lakeview Business [Member] | Charlotte [Member] | NORTH CAROLINA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,392 | ||||
Buildings and Improvements | [4] | 5,068 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,460 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,392 | ||||
Buildings and Improvements | [4] | 6,528 | ||||
Total | [4] | 7,920 | ||||
Accumulated Depreciation | [4] | $ 2,501 | ||||
Year Acquired | [4] | 2011 | ||||
Year Constructed | [4] | 1996 | ||||
Industrial [Member] | Steele Creek 1 [Member] | Charlotte [Member] | NORTH CAROLINA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 993 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,372 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,010 | ||||
Buildings and Improvements | [4] | 4,355 | ||||
Total | [4] | 5,365 | ||||
Accumulated Depreciation | [4] | $ 1,758 | ||||
Year Acquired | [4] | 2013 | ||||
Year Constructed | [4] | 2014 | ||||
Industrial [Member] | Steele Creek 2 [Member] | Charlotte [Member] | NORTH CAROLINA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 941 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,779 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 957 | ||||
Buildings and Improvements | [4] | 4,763 | ||||
Total | [4] | 5,720 | ||||
Accumulated Depreciation | [4] | $ 1,711 | ||||
Year Acquired | [4] | 2013 | ||||
Year Constructed | [4] | 2014 | ||||
Industrial [Member] | Steele Creek 3 [Member] | Charlotte [Member] | NORTH CAROLINA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,464 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,264 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,469 | ||||
Buildings and Improvements | [4] | 7,259 | ||||
Total | [4] | 8,728 | ||||
Accumulated Depreciation | [4] | $ 2,161 | ||||
Year Acquired | [4] | 2013 | ||||
Year Constructed | [4] | 2014 | ||||
Industrial [Member] | Steele Creek 4 [Member] | Charlotte [Member] | NORTH CAROLINA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 684 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,059 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 687 | ||||
Buildings and Improvements | [4] | 4,056 | ||||
Total | [4] | 4,743 | ||||
Accumulated Depreciation | [4] | $ 1,376 | ||||
Year Acquired | [4] | 2013 | ||||
Year Constructed | [4] | 2015 | ||||
Industrial [Member] | Steele Creek 5 [Member] | Charlotte [Member] | NORTH CAROLINA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 610 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,239 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 631 | ||||
Buildings and Improvements | [4] | 5,218 | ||||
Total | [4] | 5,849 | ||||
Accumulated Depreciation | [4] | $ 716 | ||||
Year Acquired | [4] | 2013/14/15 | ||||
Year Constructed | [4] | 2019 | ||||
Industrial [Member] | Steele Creek 6 [Member] | Charlotte [Member] | NORTH CAROLINA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 867 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,164 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 919 | ||||
Buildings and Improvements | [4] | 7,112 | ||||
Total | [4] | 8,031 | ||||
Accumulated Depreciation | [4] | $ 1,742 | ||||
Year Acquired | [4] | 2013/14 | ||||
Year Constructed | [4] | 2016 | ||||
Industrial [Member] | Steele Creek 7 [Member] | Charlotte [Member] | NORTH CAROLINA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,207 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 8,326 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,253 | ||||
Buildings and Improvements | [4] | 8,280 | ||||
Total | [4] | 9,533 | ||||
Accumulated Depreciation | [4] | $ 1,692 | ||||
Year Acquired | [4] | 2013/14/15 | ||||
Year Constructed | [4] | 2017 | ||||
Industrial [Member] | Steele Creek 8 | Charlotte [Member] | NORTH CAROLINA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 544 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,747 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 673 | ||||
Buildings and Improvements | [4] | 7,618 | ||||
Total | [4] | 8,291 | ||||
Accumulated Depreciation | [4] | $ 110 | ||||
Year Acquired | [4] | 2016/17 | ||||
Year Constructed | [4] | 2022 | ||||
Industrial [Member] | Steele Creek 9 [Member] | Charlotte [Member] | NORTH CAROLINA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 949 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 10,191 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,090 | ||||
Buildings and Improvements | [4] | 10,050 | ||||
Total | [4] | 11,140 | ||||
Accumulated Depreciation | [4] | $ 1,277 | ||||
Year Acquired | [4] | 2016 | ||||
Year Constructed | [4] | 2019 | ||||
Industrial [Member] | Steele Creek 10 | Charlotte [Member] | NORTH CAROLINA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,221 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 10,386 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,509 | ||||
Buildings and Improvements | [4] | 10,098 | ||||
Total | [4] | 11,607 | ||||
Accumulated Depreciation | [4] | $ 395 | ||||
Year Acquired | [4] | 2016 | ||||
Year Constructed | [4] | 2021 | ||||
Industrial [Member] | Waterford Distribution Center [Member] | Charlotte [Member] | NORTH CAROLINA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 654 | ||||
Buildings and Improvements | [4] | 3,392 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,026 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 654 | ||||
Buildings and Improvements | [4] | 4,418 | ||||
Total | [4] | 5,072 | ||||
Accumulated Depreciation | [4] | $ 2,000 | ||||
Year Acquired | [4] | 2008 | ||||
Year Constructed | [4] | 2000 | ||||
Industrial [Member] | 385 Business Park [Member] | Greenville [Member] | SOUTH CAROLINA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,308 | ||||
Buildings and Improvements | [4] | 10,822 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 529 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,308 | ||||
Buildings and Improvements | [4] | 11,351 | ||||
Total | [4] | 12,659 | ||||
Accumulated Depreciation | [4] | $ 1,583 | ||||
Year Acquired | [4] | 2019 | ||||
Year Constructed | [4] | 2019 | ||||
Industrial [Member] | Access Point 1 | Greenville [Member] | SOUTH CAROLINA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 884 | ||||
Buildings and Improvements | [4] | 9,606 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,556 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 893 | ||||
Buildings and Improvements | [4] | 12,153 | ||||
Total | [4] | 13,046 | ||||
Accumulated Depreciation | [4] | $ 779 | ||||
Year Acquired | [4] | 2021 | ||||
Year Constructed | [4] | 2021 | ||||
Industrial [Member] | Access Point 2 | Greenville [Member] | SOUTH CAROLINA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,010 | ||||
Buildings and Improvements | [4] | 9,604 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,722 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,012 | ||||
Buildings and Improvements | [4] | 11,324 | ||||
Total | [4] | 12,336 | ||||
Accumulated Depreciation | [4] | $ 367 | ||||
Year Acquired | [4] | 2021 | ||||
Year Constructed | [4] | 2021 | ||||
Industrial [Member] | Shiloh 400 1 & 2 [Member] | Atlanta [Member] | GEORGIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 3,092 | ||||
Buildings and Improvements | [4] | 14,216 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,574 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 3,064 | ||||
Buildings and Improvements | [4] | 16,818 | ||||
Total | [4] | 19,882 | ||||
Accumulated Depreciation | [4] | $ 4,162 | ||||
Year Acquired | [4] | 2017 | ||||
Year Constructed | [4] | 2008 | ||||
Industrial [Member] | Broadmoor Commerce Park 1 [Member] | Atlanta [Member] | GEORGIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,307 | ||||
Buildings and Improvements | [4] | 3,560 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,311 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,307 | ||||
Buildings and Improvements | [4] | 4,871 | ||||
Total | [4] | 6,178 | ||||
Accumulated Depreciation | [4] | $ 1,337 | ||||
Year Acquired | [4] | 2017 | ||||
Year Constructed | [4] | 1999 | ||||
Industrial [Member] | Broadmoor Commerce Park 2 [Member] | Atlanta [Member] | GEORGIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 519 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,409 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 519 | ||||
Buildings and Improvements | [4] | 7,409 | ||||
Total | [4] | 7,928 | ||||
Accumulated Depreciation | [4] | $ 1,128 | ||||
Year Acquired | [4] | 2017 | ||||
Year Constructed | [4] | 2018 | ||||
Industrial [Member] | Hurricane Shoals 1 & 2 [Member] | Atlanta [Member] | GEORGIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 4,284 | ||||
Buildings and Improvements | [4] | 12,449 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,193 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 4,284 | ||||
Buildings and Improvements | [4] | 16,642 | ||||
Total | [4] | 20,926 | ||||
Accumulated Depreciation | [4] | $ 3,406 | ||||
Year Acquired | [4] | 2017 | ||||
Year Constructed | [4] | 2017 | ||||
Industrial [Member] | Hurricane Shoals 3 [Member] | Atlanta [Member] | GEORGIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 497 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 9,842 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 644 | ||||
Buildings and Improvements | [4] | 9,695 | ||||
Total | [4] | 10,339 | ||||
Accumulated Depreciation | [4] | $ 648 | ||||
Year Acquired | [4] | 2017 | ||||
Year Constructed | [4] | 2020 | ||||
Industrial [Member] | Progress Center 1 & 2 [Member] | Atlanta [Member] | GEORGIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,297 | ||||
Buildings and Improvements | [4] | 9,015 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 352 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,297 | ||||
Buildings and Improvements | [4] | 9,367 | ||||
Total | [4] | 10,664 | ||||
Accumulated Depreciation | [4] | $ 2,435 | ||||
Year Acquired | [4] | 2017 | ||||
Year Constructed | [4] | 2017 | ||||
Industrial [Member] | Progress Center 3 | Atlanta [Member] | GEORGIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 465 | ||||
Buildings and Improvements | [4] | 4,285 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 15 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 465 | ||||
Buildings and Improvements | [4] | 4,300 | ||||
Total | [4] | 4,765 | ||||
Accumulated Depreciation | [4] | $ 176 | ||||
Year Acquired | [4] | 2021 | ||||
Year Constructed | [4] | 2008 | ||||
Industrial [Member] | Gwinnett 316 [Member] | Atlanta [Member] | GEORGIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 531 | ||||
Buildings and Improvements | [4] | 3,617 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 21 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 531 | ||||
Buildings and Improvements | [4] | 3,638 | ||||
Total | [4] | 4,169 | ||||
Accumulated Depreciation | [4] | $ 487 | ||||
Year Acquired | [4] | 2018 | ||||
Year Constructed | [4] | 1990 | ||||
Industrial [Member] | Cherokee 75 Business Center 1 | Atlanta [Member] | GEORGIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,183 | ||||
Buildings and Improvements | [4] | 6,727 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 18 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,183 | ||||
Buildings and Improvements | [4] | 6,745 | ||||
Total | [4] | 7,928 | ||||
Accumulated Depreciation | [4] | $ 527 | ||||
Year Acquired | [4] | 2020 | ||||
Year Constructed | [4] | 2020 | ||||
Industrial [Member] | Cherokee 75 Business Center 2 | Atlanta [Member] | GEORGIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,336 | ||||
Buildings and Improvements | [4] | 7,495 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 490 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,337 | ||||
Buildings and Improvements | [4] | 7,984 | ||||
Total | [4] | 9,321 | ||||
Accumulated Depreciation | [4] | $ 366 | ||||
Year Acquired | [4] | 2021 | ||||
Year Constructed | [4] | 2021 | ||||
Industrial [Member] | Northpoint 200 [Member] | Atlanta [Member] | GEORGIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,102 | ||||
Buildings and Improvements | [4] | 5,140 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 648 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,104 | ||||
Buildings and Improvements | [4] | 5,786 | ||||
Total | [4] | 6,890 | ||||
Accumulated Depreciation | [4] | $ 503 | ||||
Year Acquired | [4] | 2021 | ||||
Year Constructed | [4] | 2021 | ||||
Industrial [Member] | Elmwood Business Park [Member] | New Orleans [Member] | LOUISIANA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,861 | ||||
Buildings and Improvements | [4] | 6,337 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,670 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,861 | ||||
Buildings and Improvements | [4] | 13,007 | ||||
Total | [4] | 15,868 | ||||
Accumulated Depreciation | [4] | $ 10,081 | ||||
Year Acquired | [4] | 1997 | ||||
Year Constructed | [4] | 1979 | ||||
Industrial [Member] | Riverbend Business Park [Member] | New Orleans [Member] | LOUISIANA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,557 | ||||
Buildings and Improvements | [4] | 17,623 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 9,989 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,557 | ||||
Buildings and Improvements | [4] | 27,612 | ||||
Total | [4] | 30,169 | ||||
Accumulated Depreciation | [4] | $ 19,657 | ||||
Year Acquired | [4] | 1997 | ||||
Year Constructed | [4] | 1984 | ||||
Industrial [Member] | Airways Business Center [Member] | Denver [Member] | COLORADO | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 6,137 | ||||
Buildings and Improvements | [4] | 39,637 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,358 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 6,137 | ||||
Buildings and Improvements | [4] | 40,995 | ||||
Total | [4] | 47,132 | ||||
Accumulated Depreciation | [4] | $ 4,699 | ||||
Year Acquired | [4] | 2019 | ||||
Year Constructed | [4] | 2007/08 | ||||
Industrial [Member] | Rampart Distribution Center 1 [Member] | Denver [Member] | COLORADO | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,023 | ||||
Buildings and Improvements | [4] | 3,861 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,585 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,023 | ||||
Buildings and Improvements | [4] | 6,446 | ||||
Total | [4] | 7,469 | ||||
Accumulated Depreciation | [4] | $ 5,451 | ||||
Year Acquired | [4] | 1988 | ||||
Year Constructed | [4] | 1987 | ||||
Industrial [Member] | Rampart Distribution Center 2 [Member] | Denver [Member] | COLORADO | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 230 | ||||
Buildings and Improvements | [4] | 2,977 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,673 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 230 | ||||
Buildings and Improvements | [4] | 4,650 | ||||
Total | [4] | 4,880 | ||||
Accumulated Depreciation | [4] | $ 3,669 | ||||
Year Acquired | [4] | 1996/97 | ||||
Year Constructed | [4] | 1997 | ||||
Industrial [Member] | Rampart Distribution Center 3 [Member] | Denver [Member] | COLORADO | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,098 | ||||
Buildings and Improvements | [4] | 3,884 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,783 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,098 | ||||
Buildings and Improvements | [4] | 6,667 | ||||
Total | [4] | 7,765 | ||||
Accumulated Depreciation | [4] | $ 4,413 | ||||
Year Acquired | [4] | 1997/98 | ||||
Year Constructed | [4] | 1999 | ||||
Industrial [Member] | Rampart Distribution Center 4 [Member] | Denver [Member] | COLORADO | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 590 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 8,346 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 590 | ||||
Buildings and Improvements | [4] | 8,346 | ||||
Total | [4] | 8,936 | ||||
Accumulated Depreciation | [4] | $ 2,285 | ||||
Year Acquired | [4] | 2012 | ||||
Year Constructed | [4] | 2014 | ||||
Industrial [Member] | Concord Distribution Center [Member] | Denver [Member] | COLORADO | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,051 | ||||
Buildings and Improvements | [4] | 4,773 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,092 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,051 | ||||
Buildings and Improvements | [4] | 5,865 | ||||
Total | [4] | 6,916 | ||||
Accumulated Depreciation | [4] | $ 2,857 | ||||
Year Acquired | [4] | 2007 | ||||
Year Constructed | [4] | 2000 | ||||
Industrial [Member] | Centennial Park [Member] | Denver [Member] | COLORADO | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 750 | ||||
Buildings and Improvements | [4] | 3,319 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,102 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 750 | ||||
Buildings and Improvements | [4] | 5,421 | ||||
Total | [4] | 6,171 | ||||
Accumulated Depreciation | [4] | $ 2,517 | ||||
Year Acquired | [4] | 2007 | ||||
Year Constructed | [4] | 1990 | ||||
Industrial [Member] | Arville Distribution Center [Member] | Las Vegas [Member] | NEVADA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 4,933 | ||||
Buildings and Improvements | [4] | 5,094 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,066 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 4,933 | ||||
Buildings and Improvements | [4] | 6,160 | ||||
Total | [4] | 11,093 | ||||
Accumulated Depreciation | [4] | $ 2,639 | ||||
Year Acquired | [4] | 2009 | ||||
Year Constructed | [4] | 1997 | ||||
Industrial [Member] | Jones Corporate Park [Member] | Las Vegas [Member] | NEVADA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 13,068 | ||||
Buildings and Improvements | [4] | 26,325 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,942 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 13,068 | ||||
Buildings and Improvements | [4] | 28,267 | ||||
Total | [4] | 41,335 | ||||
Accumulated Depreciation | [4] | $ 5,640 | ||||
Year Acquired | [4] | 2016 | ||||
Year Constructed | [4] | 2016 | ||||
Industrial [Member] | Southwest Commerce Center [Member] | Las Vegas [Member] | NEVADA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 9,008 | ||||
Buildings and Improvements | [4] | 16,576 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,203 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 9,008 | ||||
Buildings and Improvements | [4] | 20,779 | ||||
Total | [4] | 29,787 | ||||
Accumulated Depreciation | [4] | $ 2,090 | ||||
Year Acquired | [4] | 2019 | ||||
Year Constructed | [4] | 2019 | ||||
Industrial [Member] | Interchange Business Park [Member] | Jackson [Member] | MISSISSIPPI | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 343 | ||||
Buildings and Improvements | [4] | 5,007 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,690 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 343 | ||||
Buildings and Improvements | [4] | 10,697 | ||||
Total | [4] | 11,040 | ||||
Accumulated Depreciation | [4] | $ 7,735 | ||||
Year Acquired | [4] | 1997 | ||||
Year Constructed | [4] | 1981 | ||||
Industrial [Member] | Tower Automotive [Member] | Jackson [Member] | MISSISSIPPI | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 9,958 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,959 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 17 | ||||
Buildings and Improvements | [4] | 11,900 | ||||
Total | [4] | 11,917 | ||||
Accumulated Depreciation | [4] | $ 6,572 | ||||
Year Acquired | [4] | 2001 | ||||
Year Constructed | [4] | 2002 | ||||
Industrial [Member] | Metro Airport Commerce Center 1 [Member] | Jackson [Member] | MISSISSIPPI | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 303 | ||||
Buildings and Improvements | [4] | 1,479 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,233 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 303 | ||||
Buildings and Improvements | [4] | 2,712 | ||||
Total | [4] | 3,015 | ||||
Accumulated Depreciation | [4] | $ 1,826 | ||||
Year Acquired | [4] | 2001 | ||||
Year Constructed | [4] | 2003 | ||||
Industrial Development & Value-Add [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 0 | |||||
Initial Cost to the Company [Abstract] | ||||||
Land | 255,203 | |||||
Buildings and Improvements | 73,398 | |||||
Costs Capitalized Subsequent to Acquisition | 209,848 | |||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | 259,672 | |||||
Buildings and Improvements | 278,777 | |||||
Total | 538,449 | |||||
Accumulated Depreciation | 1,563 | |||||
Industrial Development & Value-Add [Member] | Zephyr Distribution Center | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 18,033 | ||||
Buildings and Improvements | [5] | 10,602 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 393 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 18,033 | ||||
Buildings and Improvements | [5] | 10,995 | ||||
Total | [5] | 29,028 | ||||
Accumulated Depreciation | [5] | $ 324 | ||||
Year Acquired | [5] | 2022 | ||||
Year Constructed | [5] | 1991 | ||||
Industrial Development & Value-Add [Member] | Hercules Land | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 3,561 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 0 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 3,561 | ||||
Buildings and Improvements | [5] | 0 | ||||
Total | [5] | 3,561 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2022 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | Reed Land | CALIFORNIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 3,040 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 90 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 3,041 | ||||
Buildings and Improvements | [5] | 89 | ||||
Total | [5] | 3,130 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2022 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | SunCoast 10 | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 732 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,236 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 732 | ||||
Buildings and Improvements | [5] | 2,236 | ||||
Total | [5] | 2,968 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2020 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | Suncoast 11 | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 785 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 8,390 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 785 | ||||
Buildings and Improvements | [5] | 8,390 | ||||
Total | [5] | 9,175 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2020 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | Suncoast Commerce Center Land | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,972 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,871 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 4,328 | ||||
Buildings and Improvements | [5] | 3,515 | ||||
Total | [5] | 7,843 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2020 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | Gateway 2 | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 3,224 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 14,965 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 3,224 | ||||
Buildings and Improvements | [5] | 14,965 | ||||
Total | [5] | 18,189 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2016 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | Gateway Commerce Park Land [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 2,350 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,210 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 4,665 | ||||
Buildings and Improvements | [5] | 2,895 | ||||
Total | [5] | 7,560 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2016 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | Gateway South Dade Land [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 15,789 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 968 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 15,789 | ||||
Buildings and Improvements | [5] | 968 | ||||
Total | [5] | 16,757 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2022 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | Horizon Commerce Park Land | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 650 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 426 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 650 | ||||
Buildings and Improvements | [5] | 426 | ||||
Total | [5] | 1,076 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2008/09 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | Horizon West 1 | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,326 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 8,243 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,326 | ||||
Buildings and Improvements | [5] | 8,243 | ||||
Total | [5] | 9,569 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2020 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | Horizon West Land [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 12,260 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,316 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 12,262 | ||||
Buildings and Improvements | [5] | 4,314 | ||||
Total | [5] | 16,576 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2020 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | MCO Logistics Center Land | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 6,769 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 251 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 6,769 | ||||
Buildings and Improvements | [5] | 251 | ||||
Total | [5] | 7,020 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2022 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | Grand Oaks 75 4 | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 2,334 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 13,681 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 2,338 | ||||
Buildings and Improvements | [5] | 13,677 | ||||
Total | [5] | 16,015 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2019 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | Oak Creek Distribution Center Land [Member] | FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 106 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 720 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 352 | ||||
Buildings and Improvements | [5] | 474 | ||||
Total | [5] | 826 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2005 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | Arlington Tech Centre 3 | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,725 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 6,676 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,725 | ||||
Buildings and Improvements | [5] | 6,676 | ||||
Total | [5] | 8,401 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2020 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | Heritage Grove Land | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 15,295 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 424 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 15,352 | ||||
Buildings and Improvements | [5] | 367 | ||||
Total | [5] | 15,719 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2022 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | Stonefield 35 1-3 | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 6,031 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 10,288 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 6,033 | ||||
Buildings and Improvements | [5] | 10,286 | ||||
Total | [5] | 16,319 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2021 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | Basswood 3-5 | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 5,671 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,691 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 5,672 | ||||
Buildings and Improvements | [5] | 2,690 | ||||
Total | [5] | 8,362 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2019 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | Basswood Land [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 6,009 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,238 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 6,009 | ||||
Buildings and Improvements | [5] | 1,238 | ||||
Total | [5] | 7,247 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2019 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | LakePort 4 & 5 [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 2,716 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 15,988 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 2,716 | ||||
Buildings and Improvements | [5] | 15,988 | ||||
Total | [5] | 18,704 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2018 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | McKinney 1 & 2 | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 3,419 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,082 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 3,419 | ||||
Buildings and Improvements | [5] | 3,082 | ||||
Total | [5] | 6,501 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2020 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | McKinney 3 & 4 | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 4,228 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 19,924 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 4,228 | ||||
Buildings and Improvements | [5] | 19,924 | ||||
Total | [5] | 24,152 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2020 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | McKinney Land | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 4,593 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 0 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 4,593 | ||||
Buildings and Improvements | [5] | 0 | ||||
Total | [5] | 4,593 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2020 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | Cypress Preserve 1 & 2 | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 9,952 | ||||
Buildings and Improvements | [5] | 43,457 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 671 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 9,952 | ||||
Buildings and Improvements | [5] | 44,128 | ||||
Total | [5] | 54,080 | ||||
Accumulated Depreciation | [5] | $ 1,129 | ||||
Year Acquired | [5] | 2022 | ||||
Year Constructed | [5] | 2019 | ||||
Industrial Development & Value-Add [Member] | Cypress Preserve Land | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 14,724 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,032 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 14,724 | ||||
Buildings and Improvements | [5] | 1,032 | ||||
Total | [5] | 15,756 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2022 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | Grand West Crossing 1 | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 2,733 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 10,304 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 2,726 | ||||
Buildings and Improvements | [5] | 10,311 | ||||
Total | [5] | 13,037 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2019 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | Grand West Crossing Land [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 6,024 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,144 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 6,024 | ||||
Buildings and Improvements | [5] | 2,144 | ||||
Total | [5] | 8,168 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2019 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | Lee Road Land [Member] | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 2,689 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 0 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,960 | ||||
Buildings and Improvements | [5] | 729 | ||||
Total | [5] | 2,689 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2007 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | Springwood Business Park 1 & 2 | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 6,208 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 16,765 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 6,214 | ||||
Buildings and Improvements | [5] | 16,759 | ||||
Total | [5] | 22,973 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2021 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | World Houston Int'l Business Ctr Land - 2011 expansion | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,636 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,446 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,824 | ||||
Buildings and Improvements | [5] | 2,258 | ||||
Total | [5] | 4,082 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2011 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | Eisenhauer Point Land | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 7,636 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 487 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 7,636 | ||||
Buildings and Improvements | [5] | 487 | ||||
Total | [5] | 8,123 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2022 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | Ridgeview Land | TEXAS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 430 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 339 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 430 | ||||
Buildings and Improvements | [5] | 339 | ||||
Total | [5] | 769 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2018 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | Gateway Interchange Land | ARIZONA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 13,588 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,807 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 13,588 | ||||
Buildings and Improvements | [5] | 1,807 | ||||
Total | [5] | 15,395 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2022 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | Skyway Logistics Park Land | NORTH CAROLINA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 12,038 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,684 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 12,038 | ||||
Buildings and Improvements | [5] | 1,684 | ||||
Total | [5] | 13,722 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2021 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | Steele Creek 11 & 12 | NORTH CAROLINA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,866 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 14,914 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,866 | ||||
Buildings and Improvements | [5] | 14,914 | ||||
Total | [5] | 16,780 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2016/17 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | Access Point 3 | SOUTH CAROLINA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,335 | ||||
Buildings and Improvements | [5] | 19,339 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,958 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,335 | ||||
Buildings and Improvements | [5] | 21,297 | ||||
Total | [5] | 22,632 | ||||
Accumulated Depreciation | [5] | $ 110 | ||||
Year Acquired | [5] | 2022 | ||||
Year Constructed | [5] | 2022 | ||||
Industrial Development & Value-Add [Member] | Hillside 1 | SOUTH CAROLINA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 498 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 8,980 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 499 | ||||
Buildings and Improvements | [5] | 8,979 | ||||
Total | [5] | 9,478 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2021 | ||||
Year Constructed | [5] | 2022 | ||||
Industrial Development & Value-Add [Member] | Hillside Land | SOUTH CAROLINA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,095 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,920 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,096 | ||||
Buildings and Improvements | [5] | 3,919 | ||||
Total | [5] | 5,015 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2021 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | Hillside 4 Land | SOUTH CAROLINA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,280 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 162 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,280 | ||||
Buildings and Improvements | [5] | 162 | ||||
Total | [5] | 1,442 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2022 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | I-20 West Business Center | GEORGIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,670 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 11,469 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,647 | ||||
Buildings and Improvements | [5] | 11,492 | ||||
Total | [5] | 13,139 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2021 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | Braselton Land | GEORGIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 5,437 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 564 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 5,482 | ||||
Buildings and Improvements | [5] | 519 | ||||
Total | [5] | 6,001 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2022 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | Cameron Land | GEORGIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 30,776 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 356 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 30,776 | ||||
Buildings and Improvements | [5] | 356 | ||||
Total | [5] | 31,132 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2022 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | Cass White 1 & 2 | GEORGIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 2,923 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,406 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 2,923 | ||||
Buildings and Improvements | [5] | 2,406 | ||||
Total | [5] | 5,329 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2021 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | Greenway Land | GEORGIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 5,785 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 345 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 5,785 | ||||
Buildings and Improvements | [5] | 345 | ||||
Total | [5] | 6,130 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2022 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | Riverside Parkway Land | GEORGIA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 1,955 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 626 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 1,958 | ||||
Buildings and Improvements | [5] | 623 | ||||
Total | [5] | 2,581 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2021 | ||||
Year Constructed | [5] | n/a | ||||
Industrial Development & Value-Add [Member] | Metro Airport Commerce Center 2 Land [Member] | MISSISSIPPI | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [5] | 307 | ||||
Buildings and Improvements | [5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [5] | 398 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [5] | 307 | ||||
Buildings and Improvements | [5] | 398 | ||||
Total | [5] | 705 | ||||
Accumulated Depreciation | [5] | $ 0 | ||||
Year Acquired | [5] | 2001 | ||||
Year Constructed | [5] | n/a | ||||
[1]Changes in Real Estate Properties and Development and Value-Add Properties follow: Years Ended December 31, 2022 2021 2020 (In thousands) Balance at beginning of year $ 4,051,325 3,519,085 3,264,566 Purchases of real estate properties 353,221 104,205 46,240 Development of real estate properties and value-add properties 506,154 415,260 195,446 Improvements to real estate properties 40,654 36,692 33,522 Right-of-use assets, net – ground leases (3,244) 11,562 (924) Real estate assets held for sale — (18,233) — Carrying amount of investments sold (9,811) (15,288) (17,182) Write-off of improvements (3,878) (1,958) (2,583) Balance at end of year (1) $ 4,934,421 4,051,325 3,519,085 (1) Includes noncontrolling interest in joint ventures of $700,000, $1,379,000 and $852,000 at December 31, 2022, 2021 and 2020, respectively. Changes in the accumulated depreciation on real estate properties follow: Years Ended December 31, 2022 2021 2020 (In thousands) Balance at beginning of year $ 1,035,617 955,328 871,139 Depreciation expense 125,199 104,910 96,290 Real estate assets held for sale — (12,538) — Accumulated depreciation on assets sold (6,068) (10,178) (9,599) Other (3,934) (1,905) (2,502) Balance at end of year $ 1,150,814 1,035,617 955,328 The Company transfers properties from the development and value-add program to Real estate properties as follows: (i) for development properties, at the earlier of 90% occupancy or one year after completion of the shell construction, and (ii) for value-add properties, at the earlier of 90% occupancy or one year after acquisition. Upon the earlier of 90% occupancy or one year after completion of the shell construction, capitalization of development costs, including interest expense, property taxes and internal personnel costs, ceases and depreciation commences on the entire property (excluding the land). |
SCHEDULE III (Details2)
SCHEDULE III (Details2) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at beginning of year | [1] | $ 4,051,325,000 | $ 3,519,085,000 | $ 3,264,566,000 | |
Purchases of real estate properties | 353,221,000 | 104,205,000 | 46,240,000 | ||
Development of real estate properties and value-add properties | 506,154,000 | 415,260,000 | 195,446,000 | ||
Improvements to real estate properties | 40,654,000 | 36,692,000 | 33,522,000 | ||
Right-of-use asset, net - ground leases | (3,244,000) | 11,562,000 | (924,000) | ||
Real estate assets held for sale | 0 | (18,233,000) | 0 | ||
Carrying amount of investments sold | (9,811,000) | (15,288,000) | (17,182,000) | ||
Write-off of improvements | (3,878,000) | (1,958,000) | (2,583,000) | ||
Balance at end of year | [1] | 4,934,421,000 | [2],[3] | 4,051,325,000 | 3,519,085,000 |
Noncontrolling Interests | 700,000 | 1,379,000 | 852,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at beginning of year | 1,035,617,000 | 955,328,000 | 871,139,000 | ||
Depreciation expense | 125,199,000 | 104,910,000 | 96,290,000 | ||
Real estate assets held for sale | 0 | (12,538,000) | 0 | ||
Accumulated depreciation on assets sold | (6,068,000) | (10,178,000) | (9,599,000) | ||
Other | (3,934,000) | (1,905,000) | (2,502,000) | ||
Balance at end of year | 1,150,814,000 | [2],[3] | $ 1,035,617,000 | $ 955,328,000 | |
Estimated aggregate cost of real estate properties for federal income tax purposes | 4,569,758,000 | ||||
Estimated accumulated tax depreciation | $ 870,204,000 | ||||
Buildings [Member] | |||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Property, Plant and Equipment, Useful Life | 40 years | ||||
Minimum [Member] | Improvements and Personal Property [Member] | |||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Property, Plant and Equipment, Useful Life | 3 years | ||||
Maximum [Member] | Improvements and Personal Property [Member] | |||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Property, Plant and Equipment, Useful Life | 15 years | ||||
Industrial Development & Value-Add [Member] | |||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | $ 538,449,000 | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | $ 1,563,000 | ||||
Development properties [Member] | |||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Percentage of Occupation when property transfers from the development and value-add program to real estate properties | 90% | ||||
Length of Time After Project Acquisition (for Value-add) or Shell Completion (for Developments) When Project Transfers to Real Estate Properties | 1 year | ||||
Value-add properties [Member] | |||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Percentage of Occupation when property transfers from the development and value-add program to real estate properties | 90% | ||||
Length of Time After Project Acquisition (for Value-add) or Shell Completion (for Developments) When Project Transfers to Real Estate Properties | 1 year | ||||
Development and value-add properties [Member] | |||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Percentage of Occupation When Costs Ceased Being Capitalized for development and value-add properties | 90% | ||||
Length of Time After Project Completion When Development Cost Ceased Being Capitalized | 1 year | ||||
[1]Includes noncontrolling interest in joint ventures of $700,000, $1,379,000 and $852,000 at December 31, 2022, 2021 and 2020, respectively.[2]Changes in Real Estate Properties and Development and Value-Add Properties follow: Years Ended December 31, 2022 2021 2020 (In thousands) Balance at beginning of year $ 4,051,325 3,519,085 3,264,566 Purchases of real estate properties 353,221 104,205 46,240 Development of real estate properties and value-add properties 506,154 415,260 195,446 Improvements to real estate properties 40,654 36,692 33,522 Right-of-use assets, net – ground leases (3,244) 11,562 (924) Real estate assets held for sale — (18,233) — Carrying amount of investments sold (9,811) (15,288) (17,182) Write-off of improvements (3,878) (1,958) (2,583) Balance at end of year (1) $ 4,934,421 4,051,325 3,519,085 (1) Includes noncontrolling interest in joint ventures of $700,000, $1,379,000 and $852,000 at December 31, 2022, 2021 and 2020, respectively. Changes in the accumulated depreciation on real estate properties follow: Years Ended December 31, 2022 2021 2020 (In thousands) Balance at beginning of year $ 1,035,617 955,328 871,139 Depreciation expense 125,199 104,910 96,290 Real estate assets held for sale — (12,538) — Accumulated depreciation on assets sold (6,068) (10,178) (9,599) Other (3,934) (1,905) (2,502) Balance at end of year $ 1,150,814 1,035,617 955,328 |